Benzinga | Oct 26, 2021 08:35AM EDT

AGM Group Reports Strategic Partnership With Meten Holding For R&D Support For Blockchain Applications, Establish A Supply Chain For Crypto Mining

AGM Group Holdings Inc. ("AGMH" or the "Company") (NASDAQ:AGMH), an integrated technology company focusing on providing fintech software services and producing high-performance hardware and computing equipment, today announced it has entered into a strategic partnership with Meten Holding Group Ltd. ("Meten") (NASDAQ:METX).

The partnership will primarily focus on research and development support for blockchain applications, and in establishing a supply chain for cryptocurrency mining. The agreement includes an initial order from Meten for 1,500 Bitcoin mining machines worth US$12 million. Meten also has an option to purchase additional machines.

AGMH through its strategic partnership with HighSharp (Shenzhen Gaorui) Electronic Technology Co., Ltd ("HighSharp") has built a cutting-edge R&D capability with engineers who are experts in blockchain and related technologies, which is also the major reason why Meten chose to partner with AGMH.

Mr. Chenjun Li, Co-Chief Executive Officer of AGMH, commented, "We are delighted to partner with Meten to further develop a blockchain ecosystem that integrates technology, products, sales and service. Building on our recently announced AGMH-HighSharp partnership, we see growing demand for our high-performance mining hardware and related computing equipment. These partnerships further validate our position in the cryptocurrency mining world. Looking ahead, we are optimistic in our ability to help mining clients to augment their computing power, enabling their success in the rapidly growing cryptocurrency industry while generating value for our shareholders."

Mr. Jason Zhao, Co-Founder and Executive Director of Meten, said: "We are thrilled to be working with AGMH. With respective strengths, we believe our partnership will further unlock the full potential of the blockchain and cryptocurrency business, putting both of us on the best path to success."