Chinese language picture beautification app maker Meitu has made a serious funding in cryptocurrencies within the hope of lowering its publicity to holding money. The transfer comes because the agency appears to be like to enter the blockchain business.
In a Sunday inventory filing, Hong Kong-listed Meitu introduced that it had purchased $22.1 million value of Ether and $17.9 million value of Bitcoin on March 5 as a part of a plan to spend as a lot as $100 million of its money reserves in buying cryptocurrencies as a result of firm’s perception that there’s ample area for the cryptocurrencies to understand.
Extra importantly, the funding is a sign to traders that Meitu has “the imaginative and prescient and dedication to embrace technological evolution” because it prepares to enter the blockchain business, Meitu mentioned within the submitting.
The corporate additionally mentioned that it’s evaluating the feasibility of integrating blockchain expertise into its abroad companies together with presumably launching Ethereum-based apps and investing in different blockchain-related tasks.
Ethers are used to conduct transactions or execute contracts on the open-source, blockchain-based Ethereum community, and subsequently buying them was a “logical preparation”, Meitu’s transfer follows within the footsteps of Tesla, which purchased $1.5 billion value of Bitcoin final month in an indication of its intention to simply accept the cryptocurrency as a fee choice. Tesla’s buy despatched Bitcoin’s worth up 20%.
Contact reporter Ding Yi (email@example.com)