Chinese Retailer Goes From Bubble Tea to Crypto Mining

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Urban Tea Inc., a most efficient retailer of forte teas and baked merchandise based in Chinese Hunan Province, is now implementing the cryptocurrency mining in order to amplify it’s commercial enterprise.

According to a press launch made on Thursday, Urban Tea Inc. made the appointment of the two new staff members: Ms. Fengdan Zhou as Chief Operating Officer and Dr. Yunfei Song as an impartial director. Ms. Fengdan Zhou is an skilled employee of blockchain data center companies, and Dr. Yunfei Song is a scientist at the Chinese Academy of Sciences.

Mr. Yi Long, the corporation’s Chief Executive Officer, commented this double employment: “As blockchain technology and cryptocurrency are gaining widespread popularity, they are poised to go mainstream. The world’s financial experts and leaders in business, science, and politics have demonstrated confidence in the future of blockchain technology and cryptocurrency, leading to massive growth within the industry.”

He then added that the management team of the company went through exploring, studying, discovering and discussing the subject to start and run the brand new commercial enterprise in an effort to produce extra fee to shareholders.

Urban Tea additionally says that Zhou is anticipated to guide the realisation of the company’s plan for blockchain and bitcoin, while Dr. Song is anticipated to manual at the company’s blockchain development strategy.

Yi Long additionally stated that the company’s choice to begin a blockchain commercial enterprise changed into preceded with the aid of using a studies and exploring the viability of this new commercial enterprise.

The crypto switch is an uncommon flow for Urban Tea. The company, founded in 2011, with a marketplace capitalization of $45 million, has centered on tea following the sale of its chemical commercial enterprise in April 2019. Since then, the company has bought controlling interests in a brand management and tea supply chain management company. The company also opened stores in New York.

Isn’t the primary corporation to exercising such strategies to address cryptocurrency. A flow just like Urban Tea’s changed into made in 2018 with the aid of using Long Island Ice Tea. The organization become Long Blockchain, however were given in problem with Nasdaq, the SEC and the FBI over their assertions that the corporation modified the commercial enterprise to enhance its inventory and had visible insider buying and selling on the time, as noted with the aid of using Nasdaq of their on line article on Thursday.

 

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