Chinese Technology Firm Meitu Invested $ 49 Million in Bitcoin and Ethereum

The public smartphone company currently has $ 90 million worth of cryptocurrency.

Summary of the News

  • On March 7, Chinese phone and application maker Meitu announced that it had purchased $ 40 million worth of Bitcoin and Ethereum.
  • Today, it is stated that a new investment has been made in these two cryptocurrencies.
  • The company currently has around $ 90 million in crypto assets.

Chinese tech company Meitu announced today a new investment in Ethereum and Bitcoin. The total crypto assets controlled by the company increased to approximately $ 90 million.

Total Cryptocurrency Asset of the Company Rises to $ 90 Million

Meitu, which makes smartphones and selfie apps, invested $ 22 million in Ethereum and $ 17.9 million in Bitcoin earlier this month. The company announced today that it purchased an additional $ 28.4 million of Ethereum and $ 21.6 million of Bitcoin.

“At the time of this announcement, our firm controls about US $ 90 million worth of net cryptocurrencies,” the company said in a statement. said.

Meitu is the latest technology company investing in cryptocurrency as the value of the largest digital assets continues to rise. Bitcoin price has been rising since COVID-19 started shaking economies around the world. The leading crypto currency is currently trading at $ 58,000.

Institutional Investments are the Main Factor Raising Bitcoin

The return of crypto money has been largely thanks to the investments of institutional firms. Cloud software firm MicroStrategy currently holds more than $ 5 billion in assets in Bitcoin.

Payment company Square, which invested $ 50 million in Bitcoin in October, followed the business intelligence company. Earlier this year, Square made another $ 170 million investment in Bitcoin.

Automobile company Tesla is the latest giant to invest in crypto money. In February, the company announced that it had purchased $ 1.5 billion worth of Bitcoin.

Fujian-based Meitu is doing the same. The company purchased an additional 16,000 Ethereum and 386 Bitcoins because it believes the coin has ample room for appreciation. However, the company underlines that Bitcoin and Ethereum are prone to price fluctuations.

Founded in 2008, Meitu launched the largest public offering of Hong Kong in 2016, when it was listed on the stock exchange.

The company says its mission is to “let anyone become beautiful easily” with its image processing applications.

Check Also

Sekuritance Brings Blockchain Compliance to Life — CoinDesk

In total, there are currently six products in the Sekuritance RegTech suite. These include Sekur.Vault, …

Leave a Reply

Your email address will not be published. Required fields are marked *