Meten EdtechX Education Group Ltd. (Nasdaq: METX) (“Meten EdtechX” or the “Company”), one of the leading omnichannel English language training (“ELT”) service providers in China, today announced that the Company has adopted a new initiative to develop a blockchain and cryptocurrency business (the “New Business Initiative”) with the goal of transitioning the Company into a new benchmark among innovative enterprises.
The Company has been exploring the feasibility of blockchain and cryptocurrency business beginning from 2020. As disclosed in a series of press releases in 2021, the Company had devised a blockchain technology strategic plan, intended to introduce Dogecoin reward mechanism, and applied non-fungible token (“NFT”) for digital copyright in online education. By leveraging the experience in applying blockchain technology, NFT and Dogecoin reward mechanism on Likeshuo, the Company plans to build a new business division and set up a professional team to promote blockchain and cryptocurrency business in the following two to three months.
Pursuant to the New Business Initiative, the Company is contemplating purchasing mining machines and NFT assets and placing them into operation in the U.S. or Canada. The Company is also considering building its own mining farm and is currently searching for low-cost natural gas, oil mines and other suitable sites in Canada. The Company expects to provide mining operations and custodian services for other mining service providers in the future. As of the date of this press release, there is no definitive agreement entered into by the Company related to the New Business Initiative, nor is there any assurance that the New Business Initiative could be successfully implemented.
Alan Peng, Chief Executive Officer of Meten EdtechX, commented: “Our New Business Initiative will be built upon the traction we are already seeing in our past research and preparation of blockchain and cryptocurrency business. After an in-depth research and exploration in the crypto world, with the resources and talents of the Company, we are committed to building a professional team to explore the blockchain and cryptocurrency business while maintaining our core adult ELT business. We believe this move will help us create a new ecosystem in the fast-evolving Internet industry and give us the opportunity to increase our growth potentials and broaden our vision.”