Share this article
Chinese Retailer Goes From Bubble Tea to Crypto Mining in Unlikely Pivot
Urban Tea has hired two more executives ahead of its expansion into cryptocurrency mining.
Updated May 9, 2023, 3:16 a.m. Published Feb 18, 2021, 9:15 a.m.
A retailer of specialty teas and baked goods based in Hunan, China, is expanding its business into cryptocurrency mining.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
Zhou, who will lead the company's implementation of its "blockchain and bitcoin business plan," brings a wealth of experience in building and managing blockchain data centers, mining equipment and digital currency tech development, according to Urban Tea.
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.
See also: Crypto Mining Farm Spotted Using Nvidia RTX 30 Gaming Laptops: Report
The pivot into cryptocurrency mining is reminiscent of a similar pivot by Long Island Ice Tea at the start of 2018. Becoming Long Blockchain, the listed firm also started mining crypto, but got in hot water with Nasdaq, the U.S. Securities and Exchange Commission and the FBI over allegations it pivoted to boost its stock and had seen insider trading at the time.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
