Business
Meten Holding Group Ltd. Announces Strategic Alliance to Further Develop Digital Currency Related Businesses
SHENZHEN, China, May 11, 2022 /PRNewswire/ -- Meten Holding Group Ltd. ("Meten Holding Group" or the "Company") (NASDAQ: METX), an omnichannel training
About this update from Btc Digital Ltd.
[{"type":"text","content":"SHENZHEN, China, May 11, 2022 /PRNewswire/ -- Meten Holding Group Ltd. (\"Meten Holding Group\" or the \"Company\") (NASDAQ: METX), an omnichannel training company headquartered in China providing language and workplace training services and actively developing metaverse, blockchain and cryptocurrency mining businesses, announced that it had entered into a memorandum of understanding (the \"MOU\") on April 18, 2022 with Tokenomics Digital Tech Corporation (\"TDTC\"), a company engaging in digital currency mining, operation, and management services, to further develop digital currency related businesses, including custodian services of mining machines, third-party services in digital currency, and mergers and acquisitions (\"M&A\") of digital currency companies.\nPursuant to the MOU, TDTC agrees to provide custodian services at the mining farms owned or operated by TDTC for the mining machines owned by the Company, which include investment planning, mining machines acquisition, logistics, custom clearing, supply chain support, mining machine operation, computing power monitoring, maintenance, and related financing services.\nBoth parties also agreed to cooperate in providing services to third-party investors interested in investing in digital currency by jointly establishing new funds or providing investment advice. The Company expects to expand the investor base by establishing relationships with potential investors, such as dollar-based investment funds, high net worth individuals, family office, and companies that are interested in digital currency. The minimum investment from each investor is $1 million.\nAs part of the MOU, both parties agree to cooperate in the Company's acquisition of high-quality digital currency companies, by leveraging TDTC's advantages in business planning, valuation and management, and the Company's advantages in capital markets. A potential target company in digital currency mining needs to own a minimum of 1,000 mining machines or have a minimum valuation of $5 million in the U.S. and other regulation complied regions. TDTC agrees to provide information on potential targets, advise on financial due diligence and valuation, and support the Company in the process of negotiations. As of the date hereof, the Company has not identified any acquisition target.\nMr. Alan Peng, Chief Executive Officer of Me...