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HONG KONG, March 17, 2022 (GLOBE NEWSWIRE) — Xeno Holdings announced that it has strengthened its business cooperation with FSN (214270), a KOSDAQ-listed company, as a major blockchain business partner, by investing in FSN shares.
Xeno Holdings acquired 400,000 shares of FSN management as part of an ongoing mutual commitment to cooperate in all areas of business, including ongoing blockchain projects. The stock transaction was carried out through Xeno Investment Asia, a subsidiary of Xeno Holdings. As a sign of goodwill and trust, the two companies have decided to delegate all voting rights to J2B, the largest shareholder and close business ally of FSN’s management.
Xeno Holdings, a Hong Kong-based investment firm specializing in technology, is in a leading position as an investor and incubator for multiple business ventures, including artificial intelligence services and global SaaS platforms. Additionally, as an operator of proprietary services such as Xeno NFT Hub, a one-stop NFT marketplace, and Xeno Labs, a community NFT service and metaverse over the past two years, Xeno Holdings has strengthened its presence in the industries respective.
Xeno Holdings and FSN have worked together on several blockchain projects, including the NFT project with Six Network, an FSN subsidiary, in January. And today’s transaction is the result of a multifaceted collaboration, including a series of joint investments in the past.
The next NFT market project that the two companies are currently focusing on is gaining momentum. FingerLabs, a blockchain research arm of FSN, and Xeno Labs are jointly gearing up for a new NFT marketplace service slated to launch in late March. Additionally, the two companies are discussing potential IP-based NFT broadcasts ranging from games and movies, including general video and sound sources.
Lee Sang-Seok, CEO of FSN, said, “Since the signing of the MoU, both parties have been actively seeking ways to cooperate, in order to develop and expand our business together, and the capital investment was a crucial step in this effort. continued, “Voting rights have been delegated to FSN, allowing us to securely retain our management rights as majority shareholder and demonstrating our strong partnership and continued commitment to business cooperation with Xeno. holdings.”
*All voting rights held by Xeno Holdings are delegated to the management of FSN.
* Active business cooperation is expected to start with the new NFT market service to be unveiled at the end of March.
Kate Wilson (email@example.com)
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Source: XENO Holdings