Jia Yueting enters the crypto field, leads Qualigen's $41 million financing with Faraday Future

On September 30th, according to the official news, Qualigen Therapeutics, Inc. (NASDAQ: QLGN) today announced the successful completion of the $41 million PIPE financing. This round of financing was led by Faraday Future Intelligent Electronics (NASDAQ: FFAI), its founder and global co-CEO Jia Yueting, President Jerry Wang, and SIGN Foundation, Sequoia Capital (US-India-China), IDG, Circle and other institutions jointly participated.
Faraday Future invested $30 million in Qualigen common shares and preference shares, accounting for about 55% of the total equity after financing. Jia Yueting personally invested about $4 million and voluntarily locked his position for two years, with a shareholding ratio of about 7%. The company plans to use most of the funds to expand new crypto businesses.
This financing marks a key milestone in Qualigen's strategic transformation into Web3 and crypto, and the company plans to change its name to CXC10. In the future, on the basis of maintaining the existing business, it will focus on three growth engines and six core products to build a crypto business:
C10 Value Anchoring System: Establishing a value benchmark through the C10 Digital Asset Pool, C10 Index, and potential C10 ETFs
DeAI Intelligent Agent: Launched BesTrade, an AI crypto trading assistant, to connect users with value discovery
RWA and Ecological Tokens: Issuing C10 Stablecoin and "AI + Crypto" Double Bridge RWA Products, Connecting Traditional Assets and Web3
The company aims to become a leading US-listed company in the field of connecting Web2 and Web3, AI and crypto, and to create a new paradigm of combining AI, crypto and traditional economy.
With this round of financing, Jerry Wang became co-CEO, Jia Yueting served as chief advisor, and Faraday Future CFO Koti Meka also served as Qualigen CFO.