Tuesday, October 26, 2021
Home Crypto News Market Chinese Meitu App Buys $40 Million In Bitcoin And Ethereum

Chinese Meitu App Buys $40 Million In Bitcoin And Ethereum

- Advertisement -

Meitu announced that it has purchased 380 Bitcoin and 15,000 Ethereum.

Crypto investments from Meitu

Meitu is a technology company headquartered in China’s Fujian province. It announced yesterday that it has purchased $40 million worth of cryptocurrencies. Of that, it puts $22 million in Ethereum and $17.9 million in Bitcoin.

Meitu is a smartphone manufacturer and selfie app software company listed on the Hong Kong Stock Exchange since 2016. The company has a market cap of $11.76 billion and recently announced that it has purchased 380 Bitcoin and 15,000 Ethereum.

In a statement, the 8-year-old company said the board believes the blockchain could do for finance and technology, what cell phones did for the internet and other offline industries.

The Board believes that the blockchain industry is still in its early stages, compared to the mobile internet industry around 2005.

The company added that it only invested in the Bitcoin and Ethereum as they are the two largest cryptocurrencies by market capitalization, and these two cryptocurrencies would increase long-term shareholder value of company.

Investor Confidence

Meitu’s Bitcoin investment is part of its asset diversification strategy. The company has gained interest by looking at insurance companies and fund managers investing in blockchain, and by observing how companies have added it to their reserves or by accepting crypto as a form of payment.

Meitu said it felt the time was right to invest. This is because traditional banks now provide trading and custody services and regulators have better regulated the market. Both steps increase investor confidence in cryptocurrencies.

- Advertisement -
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade and write on cryptocurrencies. My primary aim is to provide genuine information to cryptocurrency readers because crypto is filled with frauds and scams. Accurate information is scarce to get. So We at TheCryptoBasic will be providing accurate information about cryptocurrencies topics that users can trust.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Good Games Guild Announces Triple IDO on Seedify, Ignition, MoonStarter

Jakarta, Indonesia, 24th October, 2021, Good Games Guild, a gaming hub that aims to create the largest virtual world economy by optimizing its owned...

YearnNFT Finance: An Advanced Approach to NFTs with Digital Art and Collectibles

Since August, the market sales with respect to NFTs have skyrocketed, where a single NFT sales round up to millions worth. There have been...

The Bank Of Israel Aims To Launch Its CBDC On Ethereum

For now, central banks around the world are still working on developing and testing their own CBDCs, but there are new ones that are...

Russian Central Bank Head Says Russia Is Not Ready To Launch Crypto ETFs

The head of the Bank of Russia, Elvira Nabiullina gave a negative answer to the question about the possibility of trading cryptocurrency ETFs in...

Spanish Banks Anxiously Waiting For Central Bank Approval To Work With Cryptocurrencies

Spanish banks are interested in providing cryptocurrency services directly to clients and expect the Spanish Central Bank will bring regulatory clarity for crypto.

Reddit Intend To Bring Its Non Fungible Token (NFT) Platform

Reddit is looking to hire people for what could become a new platform for non-fungible tokens (NFTs) and digital goods. ...

Second Bitcoin ETF, Valkyrie Bitcoin Strategy ETF (BTF) Started Trading On Nasdaq

On the Nasdaq Stock Exchange under the ticker BTF, a Bitcoin futures ETF from Valkyrie Investments began trading at a price of $25.5.

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.