Far east beauty app Meitu got $40 million worth about cryptocurrency

Applying in the footsteps of Tesla , Chinese app producer Meitu has joined unquestionably the ranks of cryptocurrency training investment.

In the original 2010s, Meitu reached highly regarded dominance in the portrait touch-up space that its eponymous flagship app became a good verb for “photo beautifying” in China. But in last few years, as smartphones became to look at built-in filters, photo writers like Meitu are unable to hold their lead. Meitu’s stock shrank from HK$18 apiece in 2017 to allow them to less than HK$3 today.

As the company rotations 13 years old and tries alternative growth, it dresses its eyes on cryptocurrency.

Meitu purchased 15, 000 units of Ether and also 379. 1214267 units from Bitcoin worth around $22. 1 million and $17. 9 million respectively on to March 5 in available market transactions, the company disclosed Sunday. The order is the first tranche of any firm’s investment plan to go for up to $100 million advantage of cryptocurrency, which is funded by its cash reserves.

In recent times, Meitu chairman Cai Wensheng has been your outspoken advocate of blockchain properties . Though China produces banned initial coin tools and crypto trading trading exchanges, Cai said in 2018 that he personally bought about 9, 000 bitcoins .

His support towards cryptocurrencies is manifested near Meitu’s latest investment advance. In the disclosure, the company us states:

“The Surface takes the view that blockchain technology has the potential to interrupt ? upset both existing financial and also technology industries, similar to the manner in which mobile internet has disrupted the PC internet and others offline industries. The Ship believes that the blockchain deal is still in its early step, analogous to the mobile web-based industry in circa 2006. ”

The problem continues: “Against this history, the Board believes cryptocurrencies have ample room to get appreciation in value through allocating part of its treasury in cryptocurrencies can also serve as a diversification to continuing to keep cash treasury management. ”

Meitu further more explains that the Bitcoin obtain is part of its “asset allocation” plan while its opportunity on Ether will proffer aid its general blockchain embark, wherein it’s considering making blockchain into its various international businesses, including Ethereum-based dApps. It’s also looking to invest through overseas blockchain projects “that can be synergistic to home large user base. ”

By June 2020 , Meitu claimed nearly 300 poids monthly active users available on its suite of application programs released across the globe.

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Cryptocurrency · Technology