Jia Yueting officially enters the cryptocurrency field, leading a $41 million financing for Faraday Future and Qualigen

ChainCatcher news, Qualigen Therapeutics, Inc. (NASDAQ: QLGN) today announced the successful completion of a $41 million PIPE financing. This round of financing was led by Faraday Future Intelligent Electric (NASDAQ: FFAI), with participation from its founder and global co-CEO Jia Yueting, President Jerry Wang, as well as institutions such as the SIGN Foundation, Sequoia Capital (US, India, China), IDG, and Circle.

Faraday Future invested $30 million to acquire Qualigen common and preferred stock, accounting for approximately 55% of the total equity post-financing. Jia Yueting personally invested about $4 million and voluntarily locked up his shares for two years, holding approximately 7%. The company plans to use most of the funds to expand into new cryptocurrency businesses. This financing marks a key milestone for Qualigen as it initiates a strategic transformation towards Web3 and the cryptocurrency sector, with plans to rename itself to CXC10.

In the future, while maintaining its existing business, the company will focus on three major growth engines and six core products to build its cryptocurrency business:

• C10 Value Anchoring System: Establishing a value benchmark through the C10 digital asset pool, C10 index, and potential C10 ETF
• DeAI Intelligent Agent: Launching the AI cryptocurrency trading assistant BesTrade to connect users with value discovery
• RWA and Ecological Tokens: Issuing C10 stablecoins and "AI + Cryptocurrency" dual-bridge RWA products to connect traditional assets with Web3. The company's goal is to become a top U.S. publicly listed company that connects Web2 with Web3, and AI with the cryptocurrency sector, pioneering a new paradigm that integrates AI, cryptocurrency, and the traditional economy.

With this round of financing, Jerry Wang will serve as co-CEO, Jia Yueting will act as chief advisor, and Faraday Future CFO Koti Meka will also serve as Qualigen CFO.