Shares of Future FinTech (NASDAQ: FTFT) flew higher on Thursday following the company’s announcement of a new joint venture in the United Arab Emirates. As of 12:30 p.m. EST, the stock was up 10%.
Future FinTech was formerly a fruit-juice company called SkyPeople Fruit Juice. Since rebranding, it’s been pursuing blockchain technologies to aid in e-commerce. Its new business announced Thursday is FTFT Capital Dubai, and will be based in Dubai. Future FinTech is partnering for the venture with Shenzhen SOSOB, a provider of real-time price information for cryptocurrencies and other digital assets.