Electric Vehicle Maker Faraday Future Pivots Qualigen Therapeutics Into Web3 Business
Faraday Future invested $41 million in Qualigen Therapeutics through a private equity transaction. According to CoinCu, the electric vehicle company will transform the biotech firm into CXC10, a cryptocurrency and Web3 platform. The investment includes $30 million from Faraday Future at $2.246 per share. YT Jia contributed $4 million personally through the deal announced September 19, 2025.
The Manila Times confirmed Qualigen will rebrand as CXC10 following stockholder approval. Faraday Future and YT Jia will control over 62% of outstanding shares. YT Jia becomes Chief Advisor while Jerry Wang assumes Co-CEO responsibilities. The deal represents a complete business pivot from cancer therapeutics to digital finance.
CXC10 plans to develop crypto index products, trading systems, and ecosystem tokens. The platform will include RWA products and a stablecoin pegged to Treasury assets. SIGN Foundation joins as an investor, backed by Binance Labs and Sequoia Capital.
Industry Transformation Gains Momentum Through Strategic Partnerships
This transaction reflects growing confidence in Web3 business models among traditional companies. Faraday Future gains exposure to cryptocurrency markets while maintaining its electric vehicle focus. Qualigen shareholders receive access to emerging digital asset opportunities without direct crypto investment risks.
The partnership combines automotive innovation with blockchain technology development. YT Jia stated the investment represents a transformative step connecting electric vehicles with crypto ecosystems. Kevin Richardson, Qualigen's CEO, said the board unanimously approved the Web3 pivot strategy.
Institutional backing from established venture capital firms provides additional market validation. The involvement of Sequoia Capital and Binance Labs demonstrates professional investor confidence. The deal structure protects both companies while creating new revenue streams.
Regulatory Environment Supports Corporate Crypto Adoption
The timing coincides with favorable regulatory developments for cryptocurrency businesses. Smarsh reports the SEC shifted from enforcement actions to structured rulemaking in 2025. The agency dissolved its crypto enforcement unit and established a Crypto Task Force.
Global Venturing research shows increased merger activity in Web3 markets this year. Traditional companies seek blockchain capabilities through acquisitions rather than internal development. The new administration's crypto-friendly policies encourage corporate digital asset strategies.
Investment firms expect higher transaction multiples for Web3 companies in 2025. Regulatory clarity reduces compliance risks for traditional businesses entering cryptocurrency markets. The trend supports consolidation between established corporations and crypto startups.
CXC10 may face regulatory scrutiny regarding its stablecoin and ETF offerings. However, recent SEC guidance provides clearer frameworks for crypto custody and trading. The platform's compliance strategy will influence broader corporate crypto adoption patterns.
Further Reading
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