Faraday Future has completed approximately $10 million in crypto asset allocation, and the spin-off of Web3 company CXC10 has been approved by the board of directors.

On September 15, Globenewswire reported that Jia Yueting, founder and global co-CEO of Faraday Future (FF), released the company's latest performance updates and officially announced the launch of a strategic spin-off plan for cryptocurrency-related businesses. According to the announcement, FF will actively promote the establishment of an independent Web3 company called "CXC10", which will be initially controlled by Faraday Future and plans to seek an independent listing in the future.

This major strategic move has been approved by the company's board of directors and marks FF's further layout in the blockchain and digital asset fields.

In addition, Faraday Future also revealed that its crypto treasury C10 Treasury has completed the allocation of approximately US$10 million in cryptocurrency assets and has initially established a financial management system based on digital assets. This move is seen as an important step for FF to build a "crypto flywheel" ecosystem and promote business diversification.

It aims to further broaden the boundaries of corporate value through the deep integration of blockchain technology and the capital market. Jia Yueting stated that CXC10 will focus on Web3 and crypto-ecological related technologies and services, and FF will continue to advance the spin-off plan, accelerating the realization of its second listing goal and further enhancing the group's overall competitiveness and capital operation capabilities.

This move also reflects that FF is actively responding to industry changes at the strategic level and exploring innovative business growth drivers.