Faraday Future's spin-off Web3 company CXC10 has been approved by the board

ChainCatcher news, according to market news, Faraday Future founder and global co-CEO Jia Yueting released a performance update, disclosing that the company has officially launched the spin-off plan for the cryptocurrency flywheel and will expedite the establishment of a second independent publicly listed Web3 company "CXC10," initially targeted to be controlled by Faraday Future. This spin-off plan has been approved by the board of directors.

In addition, Faraday Future also disclosed that its crypto treasury C10 Treasury has currently completed an allocation of approximately $10 million in crypto assets.