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Chinese language Tea Retailer Joins the Crypto Mining Trade After Hiring Two Roles to Lead Its ‘Bitcoin Enterprise Plan’

Chinese Tea Retailer Joins the Crypto Mining Industry After Hiring Two Roles for Leading Its 'Bitcoin Business Plan'

A Chinese language tea retailer is seeking to make its inception into the bitcoin mining enterprise. Publicly-listed City Tea introduced the enlargement of its operations by appointing two executives to pursue its crypto plans.

City Tea Praises Cryptocurrencies’ Widespread Recognition

Per the announcement, City Tea Inc. employed Fengdan Zhou as the corporate’s new chief working officer and Dr. Yunfei Tune as an impartial director. The tea retailer expects the brand new roles to steer the “firm’s vital strategic enlargement in blockchain and cryptocurrency mining.”

Zhou will stay up for implementing the bitcoin (BTC) marketing strategy of the agency. Her expertise contains having labored in blockchain knowledge facilities throughout Southeast Asia and managing crypto mining farms. Furthermore, she has experience in crypto {hardware} pockets growth, the announcement particulars.

Additionally, Dr. Tune comes from an educational background, particularly being a scientist on the Chinese language Academy of Sciences. Actually, his experience fields cowl blockchain know-how, crypto mining, synthetic intelligence, amongst others.

Yi Lengthy, CEO of City Tea, praised the widespread recognition that cryptos have gained lately. Additionally, he identified that the “world’s monetary consultants” have been constructing confidence in the way forward for cryptocurrencies and blockchain know-how.

Lengthy additional commented on Zhou and Dr. Tune’s hirings:

We anticipate that their trade experience, mixed with our development technique, will lead our enlargement plan into the cryptocurrency mining trade. Going ahead, we anticipate City Tea will begin increasing into blockchain ecology, similar to cryptocurrency mining, blockchain mine development and upkeep, and cryptocurrency trade operations.

City Tea, based mostly in Hunan, China, was based in 2011, and it’s presently listed in Nasdaq as MYT. As of press time, the corporate’s shares commerce at $6.05, with a $45 million market capitalization. This maneuver is their first crypto-related enterprise remodeled the corporate’s historical past.

Newest Tea Retailer’s Crypto Mining Enterprise Resulted in a Catastrophe

There are some precedents of tea retailers becoming a member of the crypto trade. Lengthy Island Iced Tea Corp, one other publicly listed firm, bought 1,000 models of Antminer S9 manufactured by Bitmain in 2018 to hitch the crypto mining enterprise. Afterward, they rebranded the enterprise to “Lengthy Blockchain Corp.”

Nonetheless, the enterprise led to a catastrophe. When Lengthy Blockchain Corp acquired the crypto {hardware}, its shares jumped by 500%. However mining’s plans went to the trash when crypto’s bears appeared in February 2018.

When Lengthy Blockchain Corp’s shares have been delisted by Nasdaq, the corporate additionally needed to promote its tea enterprise.

The story didn’t finish there, because the FBI and the Securities and Trade Fee then launched an investigation over allegations of insider buying and selling and securities fraud.

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