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 joint venture for the development of its cryptocurrency mining business, Met Chain Co., Limited (“Met Chain”).
As previously disclosed in a press release in December 2021, Meten Holding Group established the joint venture, Met Chain, specializing in the research and development (“R&D”), production, and sales of cryptocurrency mining equipment.
As a result of its continuous efforts, the Met Chain’s R&D team successfully developed its proprietary Apaqi High-Performance Server Acceleration Card (“Acceleration Card”) that can be inserted into the motherboard of a mining machine to improve its computing power. Currently, the market size of the global server market is over US$100 million, and Meten believes that, with the launch of the Acceleration Card, Met Chain will be able to successfully compete in this market.
Met Chain has tested the Acceleration Card on the Company’s mining machines internally and received satisfactory results. Met Chain is preparing for mass production of the Acceleration Card and has entered into a strategic cooperation agreement with a third-party, who agreed to purchase the Acceleration Cards with a total value of no less than RMB10 million within one year from the date of the strategic cooperation agreement, upon satisfaction of certain conditions specified in that agreement. Meten believes that the technology breakthrough that is the Acceleration Card will increase Met Chain’s competitive strengths in the cryptocurrency industry as Met Chain is seeking additional buyers for its cryptocurrency mining equipment.
Mr. Jason Zhao, Chairman of Meten Holding Group, commented, “We are more than delighted to see the debut of the Acceleration Card developed by Met Chain’s R&D team. The Acceleration Card stands as our first achievement since establishing Met Chain and adds value to our business strategy in blockchain and cryptocurrency. We believe that this further reflects the value of our initial investments in R&D, technology, and equipment and will support the Company’s planned growth in its new businesses. We would not have achieved such thrilling breakthroughs without the hard work of the brilliant Met Chain’s R&D team. This is only one of our initial steps in the Company’s exploration of the cryptocurrency and mining machine business. We will continue with our future developments in products and services and market expansion in the industry.”
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 providing language and workplace training services. In addition to its training services, Meten Holding Group actively develops 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 operation. Meten Holding Group actively explores metaverse business, such as Metaverse vocational education courses, with its competitive advantages and technology.
For more information, please visit: https://investor.metenedu-edtechx.com.