Meitu, the Chinese tech giant, took their total investments in crypto to $90 million after it invested additional $50 million on the leading virtual assets – BTC and ETH.
Meitu Buys More BTC And ETH
On Wednesday March 17th, Meitu bought 16,000 ETH worth about $28.4 million and 386.08 BTC for $21.6 million. This purchase is on the back of an earlier investment of about $40M on March 5th in which it bought 15,000 ETH ($22.1 million) and 379.1214267 BTC ( US$17.9 million) respectively. In the statement released, the company restated their faith in blockchain technology and its ability to disrupt the current financial and tech space.
Crypto Investments Driven by Institutional Adoption
Meitu stated that the growing popularity and acceptance of crypto as a viable means of investment and payment method are the reasons fueling its own adoption of the digital coins.
After its first purchase, the Fujian-based company became the first Chinese listed company to invest in BTC.
The software company is the brain behind MeituPic, a photo editing app that is quite popular in China, Taiwan and Hong Kong.
Would other public companies in China toe the path of Meitu? That is highly unlikely given the uncertainty surrounding crypto regulation in the country. While Bitcoin is accepted in China, trading platforms are barred from trading fiat for digital currencies.