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.

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.

The move comes after a period of exploring and conducting research into the viability of creating a blockchain business, according to Urban Tea’s CEO, Yi Long.

“As blockchain technology and cryptocurrency are gaining widespread popularity they are poised to go mainstream,” said Long.

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

by Mario Herndon
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