EV startup Faraday Future plans multibillion-dollar crypto strategy

Faraday Future has said it plans to initially buy $30 million worth of crypto, with plans for "tens of billions” more, and is exploring the idea of launching a crypto ETF.

Electric vehicle startup Faraday Future says it plans to launch several crypto-focused initiatives, including that it wants to create a crypto treasury and offer tokenized vehicle sales.

The Nasdaq-listed Faraday Future said on Sunday that it plans to create a “C10 (Crypto 10) Treasury” product and initially buy $30 million worth of crypto, which it hopes “could reach tens of billions in size.”

“The next decade could be a super long bull cycle for the crypto market,” said Ian Calderon, Faraday Future co-creation officer and founding board member of the California Blockchain Working Group.

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