Crypto Money News – Coinbase Institutional, the wing of the Coinbase cryptocurrency exchange that handles transactions for companies, announced today that the $ 90 million Bitcoin and Ethereum received by Chinese technology company Meitu this month have been under surveillance.
Meitu, which makes smartphones and selfie applications, bought $ 22 million Ethereum and $ 17.9 million Bitcoin at the beginning of March, and two weeks later bought $ 28.4 million Ethereum and $ 21.6 million Bitcoin
Coinbase Institutional was selected by @meituofficial for both trade execution and custody on their treasury allocation into Ethereum and Bitcoin. To learn more about how Coinbase Institutional is helping corporates diversify with crypto click here:https://t.co/esmVq9kaFT
— Coinbase Institutional (@CoinbaseInsto) March 24, 2021
The Fujian-based company said it made the purchase because it believes cryptocurrencies “have enough room for value appraisal” and that cryptocurrencies will serve as an alternative to cash.
Coinbase Institutional said in an announcement that it was selected by Meitu as the sole partner to handle the purchase and then store assets. Coinbase has been chosen by other large companies to take care of Bitcoin storage, including business intelligence firm MicroStrategy.
The statement made by the company included the following statements:
Meitu joins a long list of companies that Coinbase Institutional continues to diversify with crypto, including Microstrategy and other companies. However, Meitu showed a unique case of devoting a substantial part to ETH, which is not yet widely seen. “
Meitu stands out as the latest institution to allocate large funds to cryptocurrency. MicroStrategy was the first and they currently hold more than $ 5 billion in Bitcoin. Since then, payments company Square has followed suit, which spent $ 220 million last year.
And Elon Musk’s car company Tesla completed the $ 1.5 billion purchase of Bitcoin in February.
But despite joining major institutions to invest in alternative assets, Meitu acknowledged the risks involved and said that “cryptocurrency prices in general are still quite volatile”.
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