Chinese Tea Distributor All Set to Join Bitcoin Mining Industry

Chinese Tea Distributor hires two professionals to enter the Bitcoin mining industry
  • Urban Tea Inc. is ready to enter the Bitcoin mining industry
  • The company recently hired two professionals to lead its crypto plans
  • The CEO stated that they are hoping for a solid and beneficial expansion into the cryptocurrency mining space

A Chinese tea distributor is planning to establish its foundation in the Bitcoin mining industry. Publicly-listed Urban Tea declared the advancement of its functions by hiring two professionals to lead its crypto plans.

The two professional hirings by Urban Tea Inc.

Per the official announcement, Urban Tea Inc. appointed two primary roles: Fengdan Zhou as the institution’s new chief operating manager and Dr. Yunfei Song as an autonomous director. The tea retailer anticipates that the new leads guide will pursue the critical strategic expansion of the company towards blockchain as well as cryptocurrency mining.

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Fengdan will take charge of executing the Bitcoin (BTC) business proposal of the company. Her experience boasts of professional work tenures at blockchain statistics centers across Southeast Asia and administrating crypto mining farms. Besides, the announcement emphasizes that she is an expert in regulating the development of crypto hardware wallets.

Meanwhile, Dr. Yunfei holds an experienced academic background as a scientist. His proficiency fields include crypto mining, artificial intelligence, blockchain technology, and various others.

The CEO’s expectations from the two professional leads 

The CEO of Urban Tea, Yi Long, appreciated the widespread popularity of cryptos in recent times. Also, he highlighted that the world’s financial specialists hold a major contribution in establishing conviction for a promising future of the crypto industry and blockchain technology.

Yi Long further stated on the respective hirings that the company anticipates that their industry professionalism, combined with their development scheme, will evaluate into a strong and beneficial expansion into the cryptocurrency mining space. As they move forward, he said, the firm expects that Urban Tea will start strengthening its hold into blockchain ecologies, such as cryptocurrency mining, and other similar spaces.

Urban Tea, established in 2011, resides in Hunan, China. It is currently registered in Nasdaq as MYT. This activity is their first-ever business association with the crypto industry in the company’s history.

Notably, there do exist some examples of tea retailers collaborating with the crypto industry in the past. Long Island Iced Tea Corp, also a publicly listed institution, bought 1,000 components of Antminer S9 produced by Bitmain in 2018 to enter the crypto mining industry. Eventually, they changed the business’s brand to Long Blockchain Corp.

However, the collaboration ended in a disaster. When Long Blockchain Corp obtained the crypto hardware, its stocks witnessed a surge by 500%. But mining’s proposals went to waste when crypto’s bears arrived in February 2018.

Thus, it will be interesting to observe how Urban Tea excuses its proposal. The readers will have to wait to witness the consequences of their plan of action.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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