Chinese tech giant Meitu spent another $50 million to buy Bitcoins and Ethereum. Thus, the total amount of the company's spending on cryptocurrencies amounted to $90 million.
On March 17, Miracle Vision, a subsidiary of Meitu headquartered in Singapore, held several more orders for 16,000 ETH or $28.67 million and 386 BTC for $22.34 million. The firm made a previous purchase of cryptocurrencies on March 5. In the course of it, the company acquired 15,000 ETH for $23.2 million and 379 BTC for $18.73 million.
The company representatives clarified that blockchain can become a breakthrough in the future of the financial and technological industry. Therefore, despite the fact that the cryptocurrency market is still in its infancy, Meitu is confident in its success. The development of cryptocurrencies in the company was compared with the development of the mobile Internet in the West in 2005.
Since it went public in 2016, Meitu has been actively trading in the Chinese and Hong Kong markets, and since buying Bitcoins, Chinese journalists have called Meitu the first "public" company to acquire such a large amount of Bitcoins.
It is unlikely that other companies will follow Meitu's example in the near future, since crypto assets still have an uncertain status in China. However, like all regulatory issues related to cryptocurrencies.