Chinese App Meitu Invests $40M in Bitcoin, Ethereum
- Following Tesla’s $1.5 billion investment in Bitcoin, Meitu has bought $22 million worth of ETH and $17.9 million worth of BTC.
- The firm is also considering the integration of blockchain tech into its overseas business, which could include an Ethereum-based dApp.
Shutterstock
Chinese photo editing app Meitu has become the latest large corporation to diversify its holdings with a $40 million cryptocurrency purchase, the firm said in a press release on Sunday.
According to the announcement, Meitu has purchased 15,000 Ethereum (around $22 million) and 379.1 Bitcoin ($17.9 million) in open market transactions on 5 March. The firm said the acquisition was part of its board-approved plan to invest as much as $100 million of its cash reserves into cryptocurrency. Meitu further revealed it will not only hold crypto as part of its treasury operation, but also as a preparation to enter the blockchain industry in the future. The firm said:
“More importantly, the Board considers this a demonstration to investors and stakeholders that the Group has the vision and determination to embrace technological evolution, and hence preparing its foray into the blockchain industry.”
Meitu has also become the first major corporation to invest in Ethereum — the world’s second biggest cryptocurrency — and is evaluating the possibility of launching Ethereum-based decentralized applications (dApps) and integrating blockchain tech into its overseas business.
Meitu’s crypto investment was most likely inspired by Tesla, which in February announced the purchase of $1.5 billion worth of Bitcoin, and its intention to start accepting crypto as a form of payment for its services. Business intelligence firm MicroStrategy, on the other hand, has continued to invest in BTC — with the firm purchasing an additional $10 million worth of the digital currency on Friday — and currently holds around 91,064 BTC (around $4.5 billion) in its reserves.
- The head of China’s central bank digital currency institute said the e-CNY has undergone a major upgrade, and should be made available as an option in all retail scenarios.
- The PBOC official noted that platforms can integrate the CBDC in the short term using QR codes, and focus on upgrading their payment tools in the long run.
Office building of the People’s Bank of China. Flickr
- Social trading platforms are an excellent option for those new to the financial markets as they allow users to directly interact with professional and experienced traders.
- These platforms allow users to follow the trades of others, allowing them to leverage the community’s collective wisdom to make informed investment decisions.
- The team behind Multichain confirmed that their CEO was detained in China on 21 May, and that all of his electronic devices were confiscated by the local police.
- The CEO’s sister moved the project’s remaining funds to wallets under her control on 9 July, and several days later was also detained by the police, leaving the team with no funds.