Nasdaq-listed tea company Urban Tea to enter crypto mining

According to BlockBeats, on February 18, Nasdaq-listed company Urban Tea will enter the field of crypto mining.

Continuing in this age-old tradition of exploration and expansion, Urban Tea, a publicly traded baked goods and tea company based in Hunan, China, is getting into crypto mining. And it won’t be the first.

Urban Tea has appointed Fendgan Zhou as chief operating officer and Dr. Yunfei Song as independent director to “lead and support the company’s key strategic expansion in blockchain and cryptocurrency mining.”

According to a press release, Fendgan Zhou comes from a "blockchain data center company" in Hong Kong and Singapore, and Yunfei Song is a scientist at the Chinese Academy of Sciences with relevant experience in crypto mining and trading. According to the company, Fendgan Zhou will lead Urban Tea's "blockchain and bitcoin business initiatives."

The switch to cryptocurrency is an unusual move for Urban Tea, which was founded in 2011 and has a market value of $45 million and has been focused on tea since April 2019. It has since acquired a controlling stake in a brand management company and a tea supply chain management company, and opened stores in New York.