A retailer of specialty teas and baked items primarily based in Hunan, China, is increasing its enterprise into cryptocurrency mining.
In line with a press release 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 Track 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 information facilities, mining gear and digital forex tech improvement, in line with City Tea.
In the meantime, Track is anticipated to supply steerage on the corporate’s blockchain improvement technique. The unbiased director is a scientist on the Chinese language Academy of Sciences with a concentrate on blockchain expertise purposes and synthetic intelligence. Track 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 line with City Tea’s CEO, Yi Lengthy.
“As blockchain expertise and cryptocurrency are gaining widespread reputation they’re poised to go mainstream,” stated Lengthy.
The pivot into cryptocurrency mining is harking back to a similar pivot by Long Island Ice Tea initially of 2018. Turning into Lengthy Blockchain, the listed agency additionally began mining crypto, however got in hot water with Nasdaq, the U.S. Securities and Trade Fee and the FBI over allegations it pivoted to spice up its inventory and had seen insider buying and selling on the time.