Urban Tea, a specialty tea retailer based in China’s Hunan Province, has launched crypto payments in its stores and restaurants on two continents. Starting this week, customers will be able to buy their drinks and meals using various cryptocurrencies.
Chinese tea shops and restaurants accept crypto
The listed tea company operates through its subsidiary 39 Pu Tea Co Ltd. a number of tea shops in China. It also operates a chain of restaurants in the US under a different entity, Guokui Management Inc. A press release provides details on how to accept cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE). Commenting on the announcement, CEO Xianlong Wu said:
By providing cryptocurrency payments, Urban Tea plans to incorporate application scenarios for cryptocurrencies into customers’ daily lives.
Urban Tea is based in the British Virgin Islands and primarily focuses on the distribution and retail of specialty teas. A variety of tea and coffee beverages, light meals and a selection of pastries made from natural products are offered in Hunan. The Nasdaq-listed company (MYT) has set up its own research and development department to develop seasonal menus and offer fresh meals.
Urban Tea is expanding to include blockchain technology and cryptocurrency mining
However, the Chinese company does not limit its options to only offering healthy foods and drinks to nutrition-conscious consumers. Urban Tea has decided to explore new opportunities in the crypto space by starting blockchain technology research and cryptocurrency mining.
In February, tea merchant hired Fengdan Zhou, a blockchain data specialist, as the company’s new chief operating officer. It announced that Zhou will take responsibility for executing its crypto business plan.
A new subsidiary based in the People’s Republic is commissioned with the development of blockchain-based software and applications as well as the development of the company’s mining operations. “We assume that our crypto mining plan will be implemented gradually and we hope for the promising prospect of this new opportunity for the company,” emphasized Xianlong Wu.
Urban Tea, which is now entering the world of decentralized money, started its specialty tea business back in 2018. According to reports, his home country China is the world’s largest tea producer with over 2.4 million tons per year Data compiled by Farrer’s UK tea and coffee supplier. The tea is mainly grown in three Chinese provinces – Yunnan, Guangdong and Zhejiang. The PR China accounts for around 40% of global production.
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