August 28, 2018

Incoming W. Hartford fintech has new name

PHOTO | HBJ File
PHOTO | HBJ File
Students walking through UConn's former West Hartford campus in 2016.

Pivoting into the digital era, West Hartford-bound fintech Seven Stars Cloud (SSC) on Monday announced it adopted a new business name to reflect its technological prowess.

The New York fintech said pending shareholder approval the company will operate as Ideanomics -- an ode to its focus transitioning traditional assets into the "asset digitization era."

"The combination of the 'idea' and the 'field of economics,' yields Ideanomics – a new paradigm and model for solving problems, creating efficiencies, and more equitably distributing wealth and knowledge," CEO and Chairman Bruno Wu said in a statement.

Ideanomics, which plans to create a tech hub for blockchain technology and artificial intelligence at the former UConn campus located on Trout Brook Drive, said it will launch a website under its new name following shareholder approval.

Shares of Ideanomics will temporarily be traded on Wall Street under the "SSC" ticker, officials said.

The $280 million West Hartford development will bring 330 jobs to the vacant campus.

Site work will be supported by a $10 million state loan, forgiven if Ideanomics meets its job target over five years.

Read more

SSC to lead $24B financing to electrify Chinese buses

Seven Stars Cloud's 2Q net falls on increased overhead

SSC lands another funding round

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