Electric vehicle startup Faraday Future has built a $30 million cryptocurrency ministry and is pivoting towards digital assets with plans to explore tokenized vehicle sales.
Important takeouts:
- Faraday Future has launched a $30 million cryptocurrency department and aims to expand its holdings to a maximum of $1 billion.
- EV companies are planning to sell cars through the upcoming “EAI Vehicle chain.”
- Stocks are unstable, but stocks have grown 75% over the past six months.
The NASDAQ-registered company said it would launch the “C10 (Crypto 10) Ministry of Treasury” product on Sunday, and will initially invest $30 million in crypto with ambitions expanding to “tens of millions.”
Ian Calderon, co-creation officer at Faraday Future and a member of the founding committee of California’s Blockchain Working Group, said the company believes “the next decade could be a very long bull cycle for the crypto market.”
Faraday Future announces C10 indexes to track the top 10 ciphers
Faraday Future said it would introduce the “C10 Index,” a market-rising basket for the top 10 cryptocurrencies, excluding Stablecoins.
The company is also investigating the launch of an Exchange Transaction Fund (ETF) and plans to expand its holdings to $500 million to $1 billion in digital assets.
The Treasury is designed to generate returns through staking yields. The company says it can help in innovation, potential stock buybacks and also help in asset growth.
With the move to connect Crypto directly to the automotive business, Faraday Future has announced the upcoming release of the EAI Vehicle chain.
The system supports the sale and deposit of cryptocurrency tokenized cars. EAI, or embodied AI, refers to artificial intelligence integrated into physical products such as vehicles.
California Treasury Secretary Fiona Ma approved the plan and called it a strategy that could boost our economy, create quality jobs, attract top-class investments and promote sustainable development and development around the world.
Crypto Push is done to attempt a future reset of Faraday after years of set-off. The company scrapped a $1 billion plant in Nevada in 2016, slowing production of its flagship FF91 EV.
As of January, they only delivered 16 vehicles and recently moved to rebadges on Chinese-made vans.
Faraday Future also revealed in July that Wells had notified founders Jia Yueting and President Jerry Wang following a three-year investigation into misstatement during the 2021 SPAC merger.
According to Google Finance, Faraday Future (FFAI) shares fell 7.6% to $2.77 on Friday, but rose 75% over the past six months, leaving an annual increase of 14%.
Companies expand Bitcoin Holdings
Last week, social media marketing company Thumzup Media Corporation, which pivoted to Crypto Investments earlier this year, announced plans to increase its digital asset strategy following its $50 million funding.
Thumzup’s expansion reflects a broad trend in public companies that boost crypto finance.
Stockholm-based health technology company H100 Group purchased an additional 45.8 BTC by Ithad on Wednesday, bringing it to 809.1 BTC in total.
H100 said it paid an average Swedish crona ($119,090) per bitcoin, an average of less than 1.14 million.
According to Bitcointreasuries.net, the purchase is the 42nd largest public company Bitcoin holder in the EU, following the German Bitcoin Group SE, which holds 3,605 BTC, and ranked as the fourth largest H100 in the EU.
Faraday Future, a post-EV company that launches the $30 million Crypto Treasury, explored the tokenized car sales that first appeared on Cryptonews.
