The electric vehicle startup Faraday Future has announced several initiatives aimed at integrating cryptocurrency into its business, including the establishment of a crypto treasury and the launch of tokenized vehicle sales.
Company's Cryptocurrency Plans
Faraday Future stated its intention to develop a product called 'C10 (Crypto 10) Treasury,' with an initial investment of $30 million. Projections suggest the treasury could expand to tens of billions of dollars. Ian Calderon, co-founder of the company, noted that the next decade could be an incredibly long bull cycle for the cryptocurrency market.
Crypto Tools and C10 Index
The company is also launching a C10 Index that will track the top ten crypto assets, excluding stablecoins. Faraday Future is exploring the creation of an exchange-traded fund (ETF) and plans to invest between $500 million and $1 billion in cryptocurrency, starting with an initial tranche of $30 million.
History and Financial Issues of Faraday Future
The pivot to cryptocurrency comes amid challenges for the company, including the suspension of work at its Nevada factory and delays in the production of its flagship electric vehicle FF91. In 2023, Faraday Future disclosed risks of actions from the U.S. Securities and Exchange Commission regarding its founder.
Faraday Future is taking multiple steps toward integrating cryptocurrency, which may impact its economic status and market appeal despite ongoing financial challenges.
