Chinese language Retailer Goes From Bubble Tea to Crypto Mining in Unlikely Pivot

A retailer of specialty teas and baked items based mostly in Hunan, China is increasing its enterprise into cryptocurrency mining.

In response to a press launch on Thursday, City Tea Inc. has employed two new executives forward of its strategic growth into its new cryptocurrency enterprise.

Fengdan Zhou has been employed as the corporate’s new chief working officer (COO), whereas Yunfei Tune has signed on as an unbiased director.

Zhou, who will lead the corporate’s implementation of its “blockchain and bitcoin marketing strategy,” brings a wealth of expertise in constructing and managing blockchain knowledge facilities, mining gear and digital foreign money tech growth, in response to City Tea.

In the meantime, Tune is predicted to offer steerage on the corporate’s blockchain growth technique. The unbiased director is a scientist on the Chinese language Academy of Sciences with a give attention to blockchain expertise purposes and synthetic intelligence. Tune additionally has expertise in cryptocurrency mining and digital asset administration.

The transfer comes after a interval of exploring and conducting analysis into the viability of making a blockchain enterprise, in response to City Tea’s CEO, Yi Lengthy.

“As blockchain expertise and cryptocurrency are gaining widespread recognition they’re poised to go mainstream,” stated Lengthy.

The pivot into cryptocurrency mining is harking back to an identical pivot by Lengthy Island Ice Tea in the beginning of 2018. Turning into Lengthy Blockchain, the listed agency additionally began mining crypto, however obtained in sizzling water with Nasdaq, the SEC and the FBI over allegations it pivoted to spice up its inventory and had seen insider buying and selling on the time.


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