Blockchain Firm Raising Billions For Chinese Electric Bus Upgrades

| Publish date: 08/21/2018
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Seven Stars Cloud Group, which is a blockchain and AI technology company, has managed to score a major deal that would help it raise at least $24 billion. The amount will reportedly be used in funding wide-range electric bus upgrades for China’s biggest full-service operator.

Fixing Income Lease Financing-Based Products

As per the press release published Monday, under the exclusive contract created with the National Transportation Capacity Co Ltd (NTS), the aforementioned company will be responsible in fixing income lease financing-based products. This will be done through its own regulatory complaint blockchain ecosystem. The first one is a campaign that is based in China, while the other is left open to the global markets.

Thanks to the China-based and international funding campaigns, the public company traded on Nasdaq, Seven Stars Cloud, wants to raise a figure worth $8.75 million and $15 billion over a period of 3 years, respectively. While SSC (a China-based financing), will largely focus on the sale of fixed income products particularly for the international markets, it will still provide both fixed income and asset digitization products.

Electric Bus Upgrades

NTS is simply China’s very own largest full-service operator for electric buses. Apart from offering sales and lease financing, it is also responsible for offering a charging station network and real-time data services.

According to Bruno Wu, the chairman and CEO of SSC, a large-scaled and asset-backed contract is nothing but “groundbreaking.” This is most especially important for all blockchain-backed fintech companies across the globe.

Wu added that it will serve as “a window to the world,” particularly on how asset value and liquidity will be unlocked. The latter, as he explained, will be made possible through traditional industries. This is a phenomenon that will continue to happen as companies take fixed income products into the digital age.

SSC’s chairman and CEO said: “It’s an exciting time for SSC, and we’re extremely pleased and honored to partner with NTS on this offering.”

Interestingly, China has been vocal about its plan to replace all busses with electric busses come 2021. As such, the partnership comes amid the said plan. As far as the market size for the replacements and upgrades are concerned, they must be made in order to achieve bus operations that are fully electric-powered in China. And as per the announcement, it is estimated to be about $145 billion.

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