Meten Holding Group Ltd. provides updates on its blockchain and digital currency business
SHENZHEN, China, 28 July 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, today provided updates on its blockchain and digital currency business.
As previously revealed in a press release in December 2021, Meten Holding Group established the joint venture, Met Chain Co., Limited (“Met Chain”), which specializes in research and development (“R&D”), manufacturing and sales of cryptocurrency mining equipment. Since its establishment, Met Chain has generated revenues of approx 4.86 million dollars from selling cryptocurrency mining equipment and offering cryptocurrency mining equipment sales services, despite the falling prices of cryptocurrencies. The Company expects to see an increase in the orders Met Chain receives and Met Chain is expected to generate revenue in excess USD 20 million by the end of 2022.
As previously revealed in a press release in February 2022, the company purchased 600 XP mining machines from Bitmain Technologies Ltd. with a total computing power of approximately 100PH/s. Some of these mining machines have been delivered and put into operation.
As part of the company’s strategy to develop its metaverse business, the company has established an NFT department to focus on NFT-related investments, strategy and projects. The company proactively searches for potential collaborations with well-known IP suppliers.
MR. Jason Zhaochairman of Meten Holding Group, commented, “We are pleased to see these achievements in this challenging market and a different approach to move towards our metaverse initiative. Although the cryptocurrency market suffered from difficult microeconomic factors and monetary policy tightening, the economic the results of Met Kjede reflected the company’s efforts and dedication to the cryptocurrency business and our decision to thoroughly transform into a metaverse technology company. The establishment of the NFT department is significant and complementary to the transformation. Looking forward, we will continue the development of our business and look forward to to further expand our business in the long term.”
About Meten Holding Group Ltd.
Meten Holding Group Ltd., formerly known as Meten EdtechX Education Group Ltd., is an omnichannel training company headquartered in China provide language and workplace training services. In addition to its training services, Meten Holding Group is actively developing metaverse, blockchain and cryptocurrency mining businesses to align with its future business development strategy. Meten Holding Group is committed to developing blockchain-related businesses in North America, including cryptocurrency mining, mining farm construction, and mining pool and data center operations. Meten Holding Group is actively exploring metaverse business, such as Metaverse vocational training courses, with its competitive advantages and technology.
For more information, please visit: https://investor.metenedu-edtechx.com.
Safe Harbor Statement
This announcement contains forward-looking statements that involve risks and uncertainties. These statements are made under the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “future”, “intends” , “plans”, “believes”, “estimates” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: future results of Met Chain, the joint venture company; the future development of and the company’s ability to succeed in its new line of digital currency business; the continued impact of the COVID-19 pandemic and the emergence of new variants; the company’s ability to attract students without a significant reduction in course fees; the Company’s ability to continue to hire, train and retain qualified teachers; the Company’s ability to maintain and enhance our brands; the Company’s ability to effectively and efficiently manage the expansion of the Company’s school network and successfully execute the Company’s growth strategy; the outcome of ongoing, or any future, litigation or arbitration, including those related to copyright and other intellectual property rights; competition in the English language education sector in China; changes in the Company’s revenues and certain cost or expense items as a percentage of the Company’s revenues; the expected growth of the Chinese English language tutoring and private education market; Chinese government policies relating to private education services and providers of such services; health epidemics and other outbreaks in China; and general economic conditions in China. The Company undertakes no obligation to update any forward-looking statement, except as required by applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and the company undertakes no obligation to update such information, except as required by applicable law.
For investor and media inquiries, please contact:
Ascent Investor Relations LLC
Tina Xiao
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[email protected]
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SOURCE Meten Holding Group Ltd.
