Chinese App Creator Meitu Purchased $40M In BTC And ETH

The Chinese app creator Meitu purchased 380 BTC and 15,000 ETH amounting to $40 million all together so let’s read more in our latest BTC news today.

The Chinese app creator said that it made the ETH purchase and seeks to integrate the blockchain technology into its apps with Meitu being headquartered in China’s Fujian province, announcing that it purchased $40 million in crypto. Meitu is a mobile phone selfie app company that was listed on the Hong Kong stock exchange in 2016 and has a market cap of $11.76 billion. Today, it disclosed that it has purchased 380 BTC and 15,000 ETH in a statement. The board of the company is convinced that the blockchain could do more for finance and technology similar to what phones did to the PC and internet industries:

 “The Board believes that the blockchain industry is still in its early stage, analogous to the mobile internet industry in circa 2005.”

Are Asian entrepreneurs starting to follow @michael_saylor & @elonmusk ? Chinese tech company Meitu (https://t.co/VfUwTjuL1Z) just announced they have purchased $40 mil. worth of crypto, including 380 #Bitcoin (~$47105/BTC) and 15,000 #Ethereum (~$1473/ETH) on March 5, 2021.

— cnLedger (@cnLedger) March 7, 2021

The company added that it invested in Ethereum and Bitcoin which are the two cryptocurrencies by market cap because their prices are still highly volatile but these two coins will enhance shareholders’ value in the long-term. Meitu said that ETH is a good purchase if it chooses to make its apps run on the blockchain and it can even use that ETH to process transactions:

 “Purchasing Ether is therefore a logical preparation for both initiatives, as the Ether purchased would become the gas reserve for the Group’s potential dAPP(s) to consume in the future, as well as being used as consideration for investing in blockchain-based projects that take Ether as consideration.”

Meitu’s BTC investment is a part of the asset allocation strategy that was propelled by what the company described as a growing momentum in the building process and it even got FOMO from watching insurance companies and fund managers invest in blockchain as well as seeing how the corporations added it to their treasury or accepted crypto as a form of payment. The company said that it was the right time to do this step because traditional banks that provide trading and custody services and regulators license exchanges which are all steps needed to boost investor confidence in cryptos.
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Once the stock market opens, it will become clear whether the crypto spending spree for the company will boost the investors’ confidence or not.