Urban Tea, a Chinese tea trading company, will mine cryptocurrencies to diversify and expand the business.
To implement the new development strategy in the cryptocurrency industry, the Urban Tea leadership brought in two industry experts. Fengdan Zhou has been appointed as the new COO of Urban Tea, who has experience in setting up and operating mining farms in Hong Kong and Singapore. Zhou will be making the Urban Tea business plan a reality so that the company can become a successful member of the mining industry. Yunfei Song, who specializes in blockchain technology, artificial intelligence, mining and digital asset management, will take over as the company’s independent director.
Urban Tea CEO Yi Long decided to pursue cryptocurrency mining after thoroughly analyzing the economic situation and researching the viability of the mining industry. Lun concluded that the popularity of digital currencies is growing rapidly, so it will be profitable for the company to mine.
In 2018, another tea company, Long Island Ice Tea, became interested in mining cryptocurrencies, opening the Long Blockchain mining division. Later, however, the firm began trouble with the Nasdaq, the US Securities and Exchange Commission (SEC), and the US Federal Bureau of Investigation (FBI). The firm was accused of artificially inflating stock prices and insider trading.
Recall that last month, the cryptocurrency investment bank Galaxy Digital also started mining and announced the launch of financial services for miners.
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