A few days after entering the cryptocurrency planet, Chinese tech company Meitu Inc. revealed that it has acquired additional Bitcoin and Ether, this time with a higher investment.
Here come the Chinese tech giants
Founded in October 2008, Meitu has become one of the leading Chinese internet companies thanks to its leading image and video processing technologies, based on artificial intelligence and social community. Meitu's mission is to “let everyone become beautiful easily”, with the concept of “beauty”, or Mei (美) in Chinese, as the central ideal of the company.
Meitu App, BeautyCam, Meipai, MeituEve, MeituGenius and other Meitu products have fundamentally changed the way users around the world create and share “beauty”. Meitu has been listed on the Hong Kong Stock Exchange since December 15, 2016.
The Chinese company's previous investment that marked its first venture into the crypto space and saw a $ 40 million purchase in BTC and ETH.
According to an announcement released Wednesday by the Chinese firm, the tech company unveiled another purchase of 386,08581655 BTC and 16000 ETH worth approximately $ 21,6 million and $ 28,4 million, respectively.
Therefore, Meitu has increased its holdings in cryptocurrencies to over $ 90 million at the time of this in-depth article.
A new entry in a rapidly expanding market
It has become a general consensus that the recent appreciation of BTC's value can be traced back to the massive adoption of crypto by large companies looking to buy Bitcoins in large quantities.
The price of the largest digital currency by market cap has skyrocketed as many large companies have acquired large amounts of tokens.
As mentioned above, Meitu is a Chinese company that works in the field of smartphones and is listed on the Hong Kong Stock Exchange, with a flagship app that sees over 1 million domestic and international users. This makes the company another valuable “facilitator” after its recent transits.
Meitu joins the queue of public companies that are massively acquiring cryptocurrencies, and has emerged as the latest technology company dubbed “Asian MicroStrategy”.
An alternative to Fiat money
Meitu considers holding cryptocurrencies a better alternative to holding fiat currencies. He noted that his acquired coins (BTC and ETH) are subject to price fluctuations, thus predicting that they will continue to appreciate in the near future.
The firm left an opinion saying that: “The board believes that cryptocurrencies have ample room for value appreciation and by allocating some of its treasury to cryptocurrencies, it can also serve as a diversification to own greater liquidity ( which is subject to depreciation pressures due to aggressive increases in the money supply by central banks globally) in treasury management ”. So another giant joins the race. Who will be the next? It will be enough to wait a few days probably!