A Chinese specialty teas and baked goods retailer Urban Tea has announced its business expansion into blockchain and cryptocurrency mining.

The Nasdaq-listed publicly traded firm based in Hunan, China, appointed a Chief Operating Officer Fengdan Zhou and an Independent Director Dr Yunfei Song to ‘lead and support the Company’s critical strategic expansion in blockchain and cryptocurrency mining.’

Zhou has extensive knowledge in constructing and managing blockchain data centres, digital currency exchange platform, cryptocurrency mining machines and digital currency hardware wallet development. She will be in charge of implementing Urban Tea blockchain and bitcoin business plan.

Song is a scientist at the Chinese Academy of Sciences and an expert in cryptocurrency mining and digital asset management. As the independent director, he will develop the blockchain strategy for the company.

The current price of bitcoin is $51,039.55, dropping by 0.11% in the last 24 hours. Bitcoin has a current market cap of $950.94B and market volume of $62.70B. In the last 24 hours, bitcoin has dropped to $50,573.85 and experienced a $52,621.84 high.  Currently, 18,632,012.5 bitcoins are in circulation.

Stats and Image from Coin Desk

According to the Chief Executive Officer of Urban Tea Yi Long, the company is taking cues from global businesses and leaders that believe in the blockchain technology.

“The world’s financial experts and leaders in business, science, and politics have demonstrated confidence in the future of blockchain technology and cryptocurrency, leading to massive growth within the industry,” he said.

Long expressed optimism that Urban Tea will expand its services in the blockchain and cryptocurrency domain in the future.

“Going forward, we expect Urban Tea will start expanding into blockchain ecology, such as cryptocurrency mining, blockchain mine construction and maintenance, and cryptocurrency exchange operations,” he added.