From the latest, Publicly traded tea company Urban Tea has started accepting crypto-payments at all of its Chinese stores.  

The popularity and adoption of digital assets have left no one untouched in the world. Institutions and companies dealing in multiple sectors ranging from e-commerce to car-making companies are allowing customers to select their choice of mode of payment. 

Tea Company Urban Tea has Started Accepting Crypto-Payments

As per the press release of 10th May 2021, Urban Tea will accept payment in Dogecoin, Ethereum, and Bitcoin, at all the Chinese stores. The aforementioned digital currencies can also be used as a mode of payment at American restaurants operated by Guokui Management, a New York-based subsidiary. 

Xianlong Wu, the Chief Executive Officer of Urban Tea claims that 

“The company aims to bring digital currencies into the lives of its customers.”

With the acceptance of cryptocurrency payment, Urban Tea plans to facilitate the everyday needs of customers with cryptocurrency applications. 

Urban Tea Shares its Plans for Stepping in The Bitcoin Mining

At the beginning of the year, Urban Tea shares its plans for getting into the Bitcoin mining process. The aim behind stepping into the process is to capitalize on the new crypto boom.

The move of the tea company is being seen as mimicry of  Long Island Iced Tea Corporation. The infamous iced-tea company has changed its name to Long Blockchain Corp. during the previous bull cycle in 2017. 

However, The switcheroo did not cope well with the FBI, thus started to investigate insider trading for the Hicksville-headquartered company back in 2019. The Long Blockchain stock was then eventually delisted from the Nasdaq by the SEC at the beginning of this year.

Talking about China corporation in Tea production, the statistics indicate that the country is one of the largest producers of tea on the planet. However, an American company has made a similar swivel to cryptocurrencies that ended up being a disaster.