Urban Tea Accepts Crypto-Currency in Its Stores
Urban Tea Inc. (MYT) has announced the acceptance of cryptocurrency payments, including Bitcoin, Ethereum, and Dogecoin, in its stores in China and restaurants in the U.S. starting this week. The company is also venturing into blockchain technology research and cryptocurrency mining through a new subsidiary in China. CEO Jack Wu stated that these initiatives aim to integrate cryptocurrency into daily consumer life and explore potential growth opportunities in the blockchain sector.
- Acceptance of cryptocurrency payments may attract tech-savvy customers and enhance sales.
- Expansion into blockchain technology and cryptocurrency mining could create new revenue streams.
- Investment in cryptocurrency mining introduces high volatility and market risk.
- Dependence on the success of cryptocurrency adoption and technology integration could impact future earnings.
CHANGSHA, China, May 10, 2021 /PRNewswire/ -- Urban Tea Inc. (the "Company", "we" or "Urban Tea") (NASDAQ: MYT), announces acceptance of crypto-currency payment, including Bitcoin, Ethereum, and Dogecoin, in all of its stores managed by 39 Pu Tea Co. Ltd in China and all the restaurants managed by Guokui Management Inc. in the U.S starting from this week.
As previously announced, the Company decided to start operations in blockchain technology research and cryptocurrency mining. Management anticipates utilizing a new subsidiary in China to conduct research and development of blockchain-based software and applications and the commercialization of such application as well as cryptocurrency mining.
Urban Tea's Chief Executive Officer Mr. Xianlong (Jack) Wu commented, "Through the deployment of cryptocurrency payment, Urban Tea plans to bring cryptocurrency application scenarios into the customers' daily life. We anticipate our crypto mining plan to be gradually implemented and are hopeful for the promising prospect of this new opportunity for the Company."
About Urban Tea, Inc.
Urban Tea, Inc. (formerly known as Delta Technology Holdings Ltd, and prior to that as CIS Acquisition Ltd.) was incorporated in the British Virgin Islands as a company with limited liability on November 28, 2011. We have become a retailer and distributor of specialty tea products in China (also referred to as "PRC") since November 2018, and have fully completed the disposition of our fine and specialty chemical manufacturing business in April 2019. Our business currently consists of the distribution and retail of specialty tea products. We have recently decided to start operations in the business of blockchain technology and cyptocurrency mining. We anticipate utilizing a new subsidiary to conduct research and development of blockchain-based software and applications and the commercialization of such application as well as cryptocurrency mining. For more information, please visit: http://ir.h-n-myt.com/investor.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE Urban Tea Inc.
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