Future FinTech stock surges 20% after forming new blockchain division

Future FinTech (NASDAQ:FTFT) shares soar 20% in pre-market trading after it establishes a new blockchain division. The new division will manage the company's existing blockchain sector business and its bitcoin (BTC-USD) mining farm plans in the U.S. and Paraguay. It will also coordinate Dubai-based digital currency trading service and crypto asset management business via its FTFT Capital Investments subsidiary. Zhi Yan, who previously served as general manager of FTFT's subsidiary Cloud Chain Network Technology, is appointed as the president of the blockchain division. Kai Xu, a former deputy general manager of FTFT's subsidiary FT Commercial Group, is appointed as the vice president of the division. Previously, (Dec. 17) Future FinTech inked a deal with APC Service to develop a crypto mining farm in the U.S.