Faraday Future announced a $41 million investment in Qualigen Therapeutics through a PIPE transaction to launch its cryptocurrency business

ChainCatcher news, Faraday Future (NASDAQ: FFAI) announced today that it will strategically invest in Qualigen Therapeutics (NASDAQ: QLGN) through a $41 million PIPE transaction, which will be renamed CXC10 and transformed into a crypto and Web3 business platform.

CXC10 plans three major growth engines: C10 Value Anchor: including the C10 treasury (80% passive / 20% active allocation), the first publicly listed company's top ten crypto asset index, and the planned C10 ETF; BesTrade DeAl Agent: creating the only gateway for users to enter the Web3 world; Ecosystem Token: including the dual-bridge RWA product that connects FFAI industry data with digital finance, and the C10 stablecoin supported by the C10 treasury and US dollars. In addition to Faraday Future and Jia Yueting personally, it also includes the blockchain technology company SIGN Foundation, which has received support from Binance Labs, Sequoia Capital (US, India, China), IDG, and Circle. After the transaction is completed, Faraday Future and Jia Yueting will collectively hold approximately 62% of CXC10's equity. Jia Yueting will serve as Chief Advisor, and FF President Jerry Wang will serve as Co-CEO.