Faraday Future announces investment of $41 million in Qualigen Therapeutics through PIPE transactions to launch cryptocurrency business

According to ChainCatcher, Faraday Future (NASDAQ: FFAI) announced today that it will invest in Qualigen Therapeutics (NASDAQ: QLGN) through a US$41 million PIPE transaction strategically, which will be renamed CXC10 and transformed into an encryption and Web3 business platform. CXC10 plans three major growth engines: C10 value anchorage: including C10 treasury (80% passive / 20% active configuration), the top ten crypto asset indexes released by the first listed company, and the planned C10 ETF; BesTrade DeAl Agent: Create the only portal for users to enter the Web3 world; Ecosystem tokens: including a double-bridge RWA product connecting FFAI industry data and digital finance, and C10 stablecoin backed by C10 treasury and US dollar. In addition to Faraday Future and Jia Yueting personally, it also includes the blockchain technology company SIGN Foundation, which is supported by Binance Labs, Sequoia Capital (US, India, China), IDG and Circle. After the transaction is completed, Faraday Future and Jia Yueting will hold a total of approximately 62% of CXC10. Jia Yueting will serve as chief consultant, and FF President Jerry Wang will serve as co-CEO.