Faraday Future has announced a significant $41 million investment in Qualigen Therapeutics, marking a bold strategic shift into the crypto and Web3 industries. With this move, Qualigen will be transformed and rebranded as CXC10, pivoting from its traditional therapeutics focus to become a new platform dedicated to digital finance and blockchain innovation.

The investment provides Faraday Future with majority control over Qualigen, while introducing major changes in company leadership. YT Jia, a prominent figure in technology and electric vehicles, will become Chief Advisor after contributing a personal investment of $4 million. Jerry Wang is set to take on the role of Co-CEO, and Faraday Future will have board nomination rights, ensuring alignment between Qualigen’s new crypto trajectory and Faraday’s broader strategic vision.

CXC10, under its new identity, will focus on three main “growth engines”: crypto index funds, stablecoins, and gateways for Web3 users. By separating these crypto activities from Faraday Future’s core electric vehicle business, both companies can pursue maximum growth without overlap or dilution of existing shareholder value.

Several respected institutional investors, including the SIGN Foundation (supported by industry leaders such as Binance Labs, Sequoia Capital, IDG, and Circle), are participating in this transformation. Their involvement signals wider confidence in the convergence of traditional public companies with innovative blockchain ventures.

This development positions CXC10 as a key player aiming to bridge the worlds of digital assets and conventional finance, reshaping market structures and governance models. As the transition unfolds, industry observers are watching closely for regulatory developments, particularly concerning prior scrutiny of companies moving into crypto. Faraday Future’s commitment, exemplified by a two-year lock-up period for YT Jia’s personal stake, underscores the long-term outlook for this new direction.

Ultimately, this landmark investment aims to generate strategic synergies across sectors, unlock new financing channels, and create substantial value for all stakeholders as the digital and tangible economies continue to converge.