Hong Kong, China, February 24, 2022, Oriental Culture Holding LTD (“Oriental Culture” or the “Company”) (NASDAQ: OCG) today announced that it has signed a strategic cooperation memorandum of understanding (“MOU”) with Heng Well Information Technology Co., Ltd. (“Heng Well”), pursuant to which parties will start the comprehensive cooperation on blockchain based digital cultural and artwork products service business.
According to the MOU, the parties will develop blockchain+ and NFT related services and business for cultural and artwork products to take the advantage of Heng Well’s experience and strength in the areas of blockchain and NFT and Oriental Culture’s experience and connections in the cultural and artwork market. The Company will draw on its extensive knowledge and experience in the existing and traditional cultural and artwork products market to build up an ecological service networking for the blockchain based digital cultural and artwork business by working together with Heng Well to expand the trade in cultural and artworks and engage a wide range of the population in the collection, trade, and communication of cultural and artwork products in different forms.
The parties agree to hold regular meetings between their senior management to provide guidance, support, and supervision of the development of new business, and to coordinate and resolve major issues arising in the business practice.
Mr. Mun Wah Wan, Chairman of Oriental Culture commented:” The market size of cultural and artwork products is increasing quickly, and the market demand for cultural and artwork trade platform and related services presents a diversified trend with the recent development of blockchain technology and NFT. Heng Well is a company that has advanced blockchain+ technology and rich experience in related areas, and the cooperation between our two companies will help us to offer blockchain based services for the digital cultural and artwork products, marking another milestone of the Company in its efforts to create a full-service and new technology driven platform for cultural and artwork products.”
