Chinese technology company SOS Limited’s (NYSE: SOS) shares have rocketed 92.44% premarket on Thursday following the announcement that it has hired Dr Eric H Yan, an expert in cryptocurrency mining, security and insurance technologies.
SOS shares are currently trading at $3.31 after closing on Wednesday at $1.72.
The company hopes to utilise Dr Yan’s cryptocurrency mining, protection, insurance expertise and his industry resources to lead its efforts to set up a new business that will apply blockchain-based security and insurance technologies in the safeguard of cryptocurrencies and digital assets, and strategically upgrade SOS's existing portfolios of products and services.
SOS will set up a new wholly-owned subsidiary named SOS Digital Technologies Inc, led by Dr Yan and provide infrastructure services in blockchain security for its big data insurance marketing and rescue services.
Before joining SOS, Yan founded Shenzhen eSecureChain Technologies, a crypto company that offered products and services including decentralized cryptocurrency wallets and exchange platforms, and crypto mining.
“Dr Yan's technologies have revolutionized the way to protect our digital assets and cryptocurrencies from being attacked and lost,” commented SOS Chairman, Yandai Wang.
“The truly decentralized cryptocurrency wallet and exchange technologies developed by Dr Yan have been proven to be bullet-proof. Once SOS Digital Technologies Inc is created, SOS plans to launch the first digital assets insurance company and the first cryptocurrency bank in the world, backed up by Dr Yan's technologies,” added Wang.
