Serving a community of tea and coffee aficionados, Urban Tea is one of the fastest growing tea specialty retailers in the United States. Now, the company’s commitment to quality and community has taken a new turn as it has launched it’s first ever cryptocurrency payment processing service, accepting a variety of cryptocurrencies including Dogecoin. Blog Post Link: http://cryptoclubocc.blogspot.com/2018/01/urban-tea-now-accepts-cryptocurrencies.html
When you do a Google search for “tea and cryptocurrency”, the only results that come up are blogs and forums where people talk about how they can use their Bitcoin to buy tea. In other words, nobody has yet taken the initiative to start a cryptocurrency-based tea business. That is, until now – Urban Tea Now is the first company to accept virtual currencies as payment for its teas. They’re not just accepting Bitcoin, though – they’ll take any of the top coins, including Dogecoin.
Urban Tea, a tea products company based in China’s Hunan province, has started making payments in cryptocurrency in its stores and restaurants on two continents. Starting this week, customers will be able to purchase the company’s food and drink with various cryptocurrencies.
Chinese tea shops and restaurants will accept crypto-currencies
The listed tea company operates a number of tea shops in China through its subsidiary 39 Pu Tea Co Ltd. It also operates a chain of restaurants in the United States under the management of another company, Guokui Management Inc. The press release reports that both restaurants will accept crypto-currencies such as Bitcoin (BTC), Etherium (ETH) and Dogecoin (DOGE). Commenting on the announcement, CEO Xianglong Wu said:
With the introduction of payments in cryptocurrencies, Urban Tea aims to introduce scenarios of how cryptocurrencies can be applied in customers’ daily lives.
The principal activity of Urban Tea, a company registered in the British Virgin Islands, is the distribution and retailing of specialty tea products. Hunan offers a variety of tea and coffee drinks, light meals and an assortment of pastries made from natural products. Nasdaq-listed MYT has set up its own research and development department to develop seasonal menus and offer fresh food.
Urban Tea expands into blockchain and cryptocurrency mining technology
However, the Chinese company does not limit itself to offering only healthy products and drinks for the diet-conscious consumer. Urban Tea decided to explore new opportunities in the crypto space by researching blockchain technology and mining cryptocurrencies.
In February, the tea retailer hired Fangdan Zhou, a blockchain data scientist, as the company’s new COO. The company announced that Mr. Zhou will be responsible for implementing the cryptocurrencies business plan.
The new subsidiary, based in the People’s Republic, will be tasked with developing blockchain-based software and applications, as well as expanding the company’s mining operations. We look forward to the gradual implementation of our cryptocurrency mining plan and hope for a bright future for this new opportunity for the company, Xianglong Wu stressed.
Now moving into the world of decentralized currency, Urban Tea launched its own tea company in 2018. Its home country, China, is the world’s largest tea producer – more than 2.4 million tonnes a year, according to data from British tea and coffee supplier Farrer’s. Tea is mainly grown in China’s three provinces of Yunnan, Guangdong and Zhejiang, and the PRC accounts for about 40% of world production.
Do you know of any other specialty stores that accept payments in cryptocurrency? Let us know your comments in the section below.
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Bitcoin, blockchain technology, China, Chinese, crypto currency, cryptomining, crypto payments, crypto currency, Dogecoin, Ethereum, retailers, specialties, tea, Urban Tea.
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