A Chinese tea trader wants to start a bitcoin mining company. Urban Tea announced its expansion by appointing two executives to carry out its cryptocurrency plans.
Widespread popularity of crypto-currencies in cities
According to the announcement, Urban Tea Inc. Fengdan Zhou as the new COO of the Company and has appointed Dr. Yunfei Song as an independent director. The tea merchant expects the new positions to drive the company’s critical strategic expansion into blockchain and cryptocurrency mining.
Mr Zhou is looking forward to the implementation of the company’s bitcoin (BTC) business plan. Her experience includes working in blockchain data centers in Southeast Asia and managing cryptocurrency mining farms. It also has expertise in developing a hardware crypto-currency wallet, according to the ad.
In addition, Dr. Song is a researcher at the Chinese Academy of Sciences. His areas of expertise include blockchain technology, cryptomining and artificial intelligence.
Yee Long, CEO of Urban Tea, welcomed the huge popularity that cryptocurrencies have gained recently. He also noted that global financial experts are increasing their confidence in the future of cryptocurrencies and blockchain technology.
Long was still commenting on Zhou and Dr. Song:
We expect their industry expertise, combined with our growth strategy, to drive our expansion plan in the cryptocurrency mining industry. In the future, we expect Urban Tea to expand into blockchain ecologies such as. B. mining of cryptocurrencies, construction and maintenance of blockchain, and exchanges for cryptocurrencies.
Urban Tea, based in Hunan, China, was founded in 2011 and is currently listed on Nasdaq as MYT. At press time, the company’s shares are trading at $6.05 and its market capitalization is $45 million. This move is their very first crypto-currency venture.
Tea trader’s latest cryptocurrency mining project ended in disaster
There is a precedent for sellers of tea getting into the cryptocurrency business. Another Long Island-listed company, Iced Tea Corp, has bought 1,000 units of Bitmain’s 2018 Antminer S9 to get into cryptocurrency mining. They then renamed the company Long Blockchain Corp.
However, the venture ended in disaster. When Long Blockchain Corp. bought into crypto, the stock took a 500% jump. But the mining plans went down the drain when the crypto baddies showed up in February 2018.
When Long Blockchain Corp’s shares were delisted from the Nasdaq, the company also had to sell its tea business.
The story did not end there, as the FBI and the Securities and Exchange Commission launched an investigation into allegations of insider trading and securities fraud.
What do you think of Urban Tea’s announcement? Let us know your comments in the section below.
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