NEW YORK, Aug. 16, 2017 /PRNewswire/ -- Seven Stars Cloud Group, Inc. (NASDAQ: SSC) ("SSC" or the "Company"), today announced an agreement to establish a Joint Venture ("JV"), Red Coin Chain, Ltd. ("Red Coin"). SSC will be a 60% owner of the JV.
Mr. Jitter Xu, a world leader in the initial coin offering (ICO) space and the former blockchain chief of Alibaba's, Ant Financial, as well as, Mr. Deng Di, the chairman of Taiyiyun (the leading blockchain-based fintech company in China), will both be parties to the JV in addition to joining management. A number of other experienced blockchain technology and operations experts will also be joining the management team and will be named at a later date.
Red Coin will operate and focus on SSC's 2nd Engine, the Digital Asset Tokenization & Exchange Platform, specifically Initial Coin Offerings (ICOs) and asset-backed financial derivatives. What will set Red Coin's business apart is that it will be FINRA and SEC-regulated, it will be enhanced through AI + blockchain capabilities and finally, all asset-backed financial derivatives will be backed by real assets from industries that are partners and users of our 1st Engine, VPaaS. These industries include but are not limited to: energy (Ocasia Partnership), cross-border trade, consumer electronics (Wide Angle Group and China Electronic Chamber of Commerce Partnership), big commodities (Beijing Urban Construction Holding Materials Industry Co. Partnership).
About Seven Stars Cloud Group, Inc. (http://corporate.sevenstarscloud.com/)
Seven Stars Cloud Group, Inc. (NASDAQ: SSC) is aiming to be a leading Intelligent Industrial internet (3I) platform, creating a simplified fintech-powered, supply chain solution for commercial enterprises. There are 2 Engines that drive our business platform: 1. VPaaS - Supply Chain Management for key industry sectors and leaders including but not limited to Big Commodities, Cross-Border Trade, Consumer Electronics & Energy; 2. Digital Finance Solutions - Supply Chain Finance underwritten by our Global Cornerstone Funds and Tokenization and Exchange Platforms, which include FINRA and SEC-regulated: Index Exchanges, Initial Coin Offering / Tokenization, ETFs and Derivatives. Both Engines and their various arms will run on 'BASE' technology and infrastructure (Blockchain, Artificial Intelligence, Supply Chain & Exchanges) to power a closed trade ecosystem for buyers and sellers designed to eliminate transactional middlemen and create a more direct and margin-expanding path for principals.
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
VP, Strategy & Investor Relations
Seven Stars Cloud Group, Inc.
SOURCE Seven Stars Cloud Group, Inc.