Electric vehicle startup Faraday Future says it plans to launch several crypto-centric initiatives, including creating the Ministry of Cryptocurrency and offering tokenized vehicle sales.
NASDAQ listed Faraday Future said it would create a “C10 (Crypto 10) Ministry of Treasury” product on Sunday and would initially purchase $30 million worth of crypto.
“The next decade could be a very long bull cycle for the crypto market,” said Ian Calderon, future co-creation director for Faraday and a member of the founding committee of the California Blockchain Working Group.
Faraday Future is the latest public company planning to buy Crypto. This has helped Wall Street raise stock prices as it seeks to raise billions of dollars worth of funding and is trying to gain crypto exposure.
Faraday launches crypto basket products
Faraday Future said it has also launched a “C10 index,” which tracks the top 10 crypto assets except Stablecoins, and also includes researching the creation of Exchange-Traded Funds (ETFs).
In addition to index and ETF plans, the company has launched a strategy to buy the top 10 cryptocurrencies, saying it will buy $500 million to $1 billion from its first $30 million tranche.
The company said the Treasury Department is designed to provide sustainable returns with staking yields that “product innovation, potential stock buybacks and further asset growth are possible.”
The company will also launch a “EAI Vehicle Chain” for tokenized vehicles sales and crypto-based deposits. EAI stands for embodied AI and refers to AI that is physically integrated into actual objects such as cars.
California treasurer Fiona Ma described the plan as “the potential to boost the economy, create high-quality jobs, attract top-class investments and promote sustainable development and development around the world.”
Faraday’s rocky history of the future
Pivot to Crypto is suffering as it smashed its share price as it halted its work in Nevada’s $1 billion electric car plant in 2016.
The EV startup reportedly only delivering 16 vehicles as of January, and recently turned it to rebadge a Chinese-made electric van
Related: Behind the scenes of public companies rushing to create the Ministry of Cryptocurrency
In July, Faraday Future revealed that the Securities and Exchange Commission had sent a notice of Wells, a threat to enforcement action, to founder Jia Yueting and President Jerry Wang.
Company shares slides
Faraday Future (FFAI) shares closed at $2.77 on Friday trading down 7.6%.
However, according to Google Finance, the stock has been doing well so far this year, earning 75% in the last six months, increasing its previous year’s profit to 14%.
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