A specialty tea merchandise retailer based mostly in China’s Hunan province, City Tea, has launched crypto funds in its shops and eating places on two continents. Ranging from this week, prospects will have the ability to purchase its drinks and meals utilizing varied cryptocurrencies.
Chinese language Tea Shops and Eating places to Settle for Crypto
The publicly traded tea firm runs quite a lot of tea shops in China by way of its subsidiary, 39 Pu Tea Co Ltd. It additionally operates a sequence of eating places within the U.S. underneath one other entity, Guokui Administration Inc. A press launch particulars that each of them will settle for cryptocurrencies, together with bitcoin (BTC), ethereum (ETH) and dogecoin (DOGE). Commenting on the announcement, CEO Xianlong Wu acknowledged:
Via the deployment of cryptocurrency fee, City Tea plans to deliver cryptocurrency software eventualities into the shoppers’ every day life.
Included within the British Virgin Islands, City Tea’s important enterprise is centered on the distribution and retail of specialty tea merchandise. In Hunan, it provides a wide range of tea and occasional drinks, gentle meals, and an assortment of pastries ready utilizing pure merchandise. The Nasdaq-listed (MYT) firm has established its personal R&D unit to be able to develop seasonal menus and supply contemporary meals.
City Tea Expands Into Blockchain Know-how and Cryptocurrency Mining
The Chinese language firm, nonetheless, is just not limiting its choices to solely providing wholesome meals and drinks for diet-conscious shoppers. City Tea has determined to discover new alternatives within the crypto area by launching blockchain know-how analysis and cryptocurrency mining.
In February, the tea retailer hired Fengdan Zhou, a blockchain information specialist, as the corporate’s new chief working officer. It introduced that Zhou will take accountability for the implementation of its crypto marketing strategy.
A brand new subsidiary based mostly in Individuals’s Republic shall be tasked with designing blockchain-based software program and purposes in addition to creating the corporate’s mining operations. “We anticipate our crypto mining plan to be steadily carried out and we’re eager for the promising prospect of this new alternative for the corporate,” emphasised Xianlong Wu.
City Tea, which is now coming into the world of decentralized cash, launched its specialty tea enterprise again in 2018. Its residence nation, China, is the world’s largest producer of tea with over 2.four million metric tons per yr, in accordance with data compiled by U.Okay. tea and occasional provider Farrer’s. The tea is grown primarily in three Chinese language provinces – Yunnan, Guangdong, and Zhejiang, and the PRC accounts for round 40% of the worldwide manufacturing.