Shares of Cleantech Solutions International (NASDAQ: CLNT) are up 11% this morning after the company said it has entered into exclusive discussions with ECoin Development Limited regarding the development and operation of a cryptocurrency system to support the development of a sharing economy ecosystem based on blockchain solutions. Cleantech’s board of directors intends to form a special committee consisting of independent directors to assess and negotiate the potential acquisition and business cooperation transactions with ECoin on behalf of the company. “By implementing blockchain technology into the sharing economy, there will no longer be a need for a central authority. The distributed ledger technology can provide smart contracts, digital identities linked to publicly-viewable user reputation systems, and digital currency payments, all of which alleviate the need for a central authority. The sharing community regulates the community,” Cleantech COO Parkson Yip stated in the news release.
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About Cleantech Solutions International
Cleantech Solutions, through its affiliated companies, designs, manufactures and distributes a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry. The company’s latest business initiatives are focused on targeting the technology and sharing economy markets in China. For more information, visit the company’s website www.cleantechsolutionsinternational.com.
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