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

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


A retailer of specialty teas and baked goods based in Hunan, China is expanding its business into cryptocurrency mining.

According to a press release on Thursday, Urban Tea Inc. has hired two new executives ahead of its strategic expansion into its new cryptocurrency venture.

Fengdan Zhou has been hired as the company’s new chief operating officer (COO), while Yunfei Song has signed on as an independent director.

Zhou, who will lead the company’s implementation of its “blockchain and bitcoin business plan,” brings a wealth of experience in building and managing blockchain data centers, mining equipment and digital currency tech development, according to Urban Tea.

Meanwhile, Song is expected to provide guidance on the company’s blockchain development strategy. The independent director is a scientist at the Chinese Academy of Sciences with a focus on blockchain technology applications and artificial intelligence. Song also has experience in cryptocurrency mining and digital asset management.

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