Electric cars and blockchain, two of the hottest concepts in the tech world, have been brought together. Faraday Future, the electric car startup aiming to challenge Tesla, may secure a $900 million funding package from EVAIO Blockchain, releasing the company from exacerbating cash pressure.

The funding will be invested over three years via indirect STO (security token offering), according to Patrick De Potter, CEO of EVAIO Blockchain, who first broke the news on LinkedIn. “FF and EVIAO will now start up the discussion for details of the plan,” he noted.

EVAIO said they were aiming to build a blockchain for electric vehicles and successfully completed EVA token private sale earlier this year. Most of the team members of EVAIO are ex-Tesla managers combined with specialists in crypto and blockchain.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.