Blockchain
Meten Holding Group Ltd. to Establish Joint Venture with Industry Experts to Create a Cryptocurrency Mining Company
Meten Holding Group Ltd. (“Meten Holding Group” or the “Company”) (NASDAQ: METX), one of the leading omnichannel English language training (“ELT”) service providers in China, today announced that it had entered into an agreement (the “Agreement”) on December 20, 2021 with industry experts to establish a joint venture specializing in the research and development (“R&D”), production, and sales of cryptocurrency mining equipment.
The industry experts have extensive experience, diversified backgrounds, and proven track records in the cryptocurrency and blockchain industry. Mr. Zhijun Liu, Vice President of Hummingbird Mining Machine, is an expert in cryptocurrency mining and has rich resources and experience in the development and supply chain of cryptocurrency mining machines. Ms. Yunning Li, former Chief Marketing Officer of ChainPlus and Dragon Social in Hong Kong, has extensive practical experience in the blockchain industry and cross-border marketing and sales. Mr. Manning Liao, who graduated from the Chinese University of Hong Kong and previously worked for Dell and Hong Kong Satellite Television, has extensive experience in technology, knowledge and R&D of blockchain and cryptocurrency mining machines.
Pursuant to the Agreement, all parties agree to build a R&D team, establish an effective R&D mechanism, and intellectual property rights generated from the joint venture’s R&D activities or in reliance upon the joint venture’s resources and in connection with the joint venture’s business operations will belong to the joint venture. The Company agreed to invest US$3 million in the joint venture in exchange for 21% equity stake in the joint venture, entitling the Company to its pro rata share of the joint venture’s earnings and dividends, which, if there any to be distributed, will be paid on an annual basis. The Company will have the right to appoint the chairman to the joint venture’s board and take charge of the joint venture’s financial management. As part of the Agreement, after the formation of the joint venture, the Company is granted the right to purchase, under certain conditions and subject to the terms of the Agreement, all or part of the equity held by the other members of the joint venture in in exchange for the Company’s stock.
Alan Peng, Chief Executive Officer of Meten Holding Group commented, “We are delighted with this joint venture that fits the strategy for our new blockchain and cryptocurrency business line. We believe that the cryptocurrency and blockchain industry expertise brought by Mr. Zhijun Liu, Ms. Yunning Li, and Mr. Manning Liao will be highly complementary to our new business. We believe this joint venture will enable the Company not only to have a complete R&D, manufacturing and sales capabilities of mining equipment, but also to consolidate and expand its foundation in the mining and blockchain industry. We intend to make significant investments in R&D, technology, and equipment through this joint venture. By the first quarter of next year, we expect to see initial results as result of the Company’s exploration of the metaverse business and we expect that our cryptocurrency and mining machine business will start generating revenue. Meanwhile, the Company is also actively preparing and promoting it new line of business in the metaverse related education fields. We expect the joint venture to add to the Company’s planned growth in new businesses such as metaverse, blockchain and cryptocurrency.”
Blockchain
Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships
Blockchain
This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.
Helping Journalists Stay Up to Date on Industry News
These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.
Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:
- Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
- Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
- Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
- Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.
The post This Week in Finance News: 11 Stories You Need to See appeared first on .
Blockchain
Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR
-
Blockchain Press Releases4 days ago
Notabene Raises $14.5M in Series B Funding Led by DRW VC to Drive the Future of Stablecoins and Payments
-
Blockchain5 days ago
The First Cold Wallet for Miners: EMCD & Tangem Launching Limited Edition Wallets
-
Blockchain Press Releases5 days ago
Moby, Engages GSR to Enhance Liquidity and OTC Trading for Moby Token
-
Blockchain6 days ago
Bybit Web3 and Aptos Kick Off APT Ecosystem Airdrop
-
Blockchain Press Releases5 days ago
Bitget Lists peaq (PEAQ) on Launchpool with 12,125,000 Tokens in Rewards
-
Blockchain Press Releases5 days ago
QCP Trading Receives In-Principle Approval for Major Payment Institution License in Singapore
-
Blockchain Press Releases3 days ago
Bybit WSOT 2024 Shatters Records with $100 Billion in Trading Volume, Redefining Crypto Trading Competition
-
Blockchain5 days ago
WAGMI Announces First Speakers and Featured Partners for the Biggest Blockchain Event in America