Seven Stars Cloud Group, Inc. has announced an agreement to establish a Joint Venture, Red Coin Chain, Ltd, to be focused on SSC’s Digital Asset Tokenization & Exchange Platform initiative. SSC will be a 60% owner of the Joint Venture.
Jitter Xu, a prominent member of the in the initial coin offering space and former blockchain chief of Alibaba’s, Ant Financial; alongside Deng Di, the chairman of Taiyiyun – A leading blockchain-based fintech company in China – will both be parties to the Joint Venture in addition to joining the management. A number of other experienced blockchain technology and operations experts will also be joining the management team and will be named at a later date.
Red Coin will operate and focus on SSC’s second Engine, the Digital Asset Tokenization & Exchange Platform, specifically Initial Coin Offerings and asset-backed financial derivatives. It is hoped that what will set Red Coin’s business apart is that it will be FINRA and SEC-regulated, it will be enhanced through artificial intelligence and blockchain capabilities and finally, all asset-backed financial derivatives will be backed by real assets – from industries that are partners and users of the first Engine, VPaaS. These industries include, but are not limited to: energy (Ocasia Partnership), cross-border trade, consumer electronics (Wide Angle Group and China Electronic Chamber of Commerce Partnership), and big commodities (Beijing Urban Construction Holding Materials Industry Co. Partnership).