The Nasdaq-listed tea company Urban Tea has decided to mine cryptocurrency. This is stated in the press release.
Urban Tea has appointed Fengdan Zhou as its new chief operating officer. She has built and run Bitcoin-mining facilities in Hong Kong and Singapore. Zhou will oversee the execution of Urban Tea’s business plan in the cryptocurrency direction.
The independent director appointed is Dr. Yunfei Song. The company expects that his experience in blockchain, mining and management of digital assets will help him steer Urban Tea’s new growth strategy.
“We expect that their industry experience combined with our growth strategy will aid our expansion in the cryptocurrency industry,” said the company’s CEO Yi Long.
In 2017, the iced-tea producer Long Island Tea Corporation’s shares tripled after adding the word “blockchain” to the company name. The FBI suspected insider trading of securities and opened an investigation.
As a reminder, bitcoin miners’ weekly revenues reached a new high — $354.4 million.
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