Jia Yueting Officially Ventures into the Cryptocurrency Field, Leading Faraday Future to Invest $41 Million in Qualigen Financing

BlockBeats News, September 30, According to official sources, Qualigen Therapeutics, Inc. (Nasdaq: QLGN) announced today that it has successfully completed a $41 million PIPE financing. The financing round was led by Faraday Future Intelligent Electronics (Nasdaq: FFAI), with its co-founder and Global Co-CEO Jia Yueting, President Jerry Wang, as well as the SIGN Foundation, Sequoia Capital (U.S.-India-China), IDG, Circle, and other institutions participating.

Faraday Future made a $30 million investment to acquire Qualigen common and preferred shares, accounting for approximately 55% of the post-financing total equity. Jia Yueting personally co-invested around $4 million and voluntarily agreed to lock up the shares for two years, holding approximately 7% of the shares. The company plans to use most of the funds to expand its crypto new businesses.

This financing marks a key milestone for Qualigen as it begins its strategic transformation towards Web3 and the crypto field. The company plans to rename itself as CXC10. In the future, while maintaining its existing business foundation, it will focus on three major growth engines and construct six core products for its crypto business:

· C10 Value Anchoring System: Establishing a value benchmark through the C10 digital asset pool, C10 index, and a potential C10 ETF

· DeAI Smart Agent: Launching the AI crypto trading assistant BesTrade to connect users with value discovery

· RWA and Ecosystem Token: Issuing the C10 stablecoin and "AI+Crypto" dual-bridge RWA product to bridge traditional assets with Web3

The company aims to become a leading U.S. listed company that connects Web2 and Web3, AI and the crypto field, and pioneers a new paradigm of integrating AI, crypto, and the traditional economy.

With this financing round, Jerry Wang has been appointed as Co-CEO, Jia Yueting as Chief Advisor, and Faraday Future CFO Koti Meka will also serve as Qualigen CFO.