Meitu Inc. has purchased Bitcoin and Ethereum worth $40 million. The Chinese photo-editing app is one of the latest to be associated with cryptocurrency. The huge demand in Bitcoin (and other cryptocurrencies) can be attributed to the fact that more firms and institutions are beginning to see and understand how cryptocurrency can be useful to their business. Meitu has joined other world-leading firms to invest in cryptocurrency.
Meitu Inc. has seen a rise in its share value after its investment in Bitcoin and Ethereum. The surge was measured at 14.4 percent increase from what the company’s share value used to be.
Meitu is a Chinese beauty-focused app and is very good for editing and creating fun images.
According to Reuters, the company made it known through a filing that it had purchased Bitcoin (BTC) worth $17.9 million and Ethereum (ETH) worth $22.1 million on the 5th of March, 2021.
Meitu Inc. therefore joins firms like Tesla that invested $1.5 billion in Bitcoin last month, America’s oldest bank; BNY Mellon, Payment platforms like Mastercard, Apple Pay, Samsung and Google Pay to be associated with cryptocurrency.
Meitu Inc. made it known that it purchased the two most popular and widely accepted cryptocurrencies to use as a means of investment. The company also made it known that it is also a step away from entering the blockchain community and that it made the purchase of Bitcoin and Ethereum from its already existing cash reserves.
The company also has plans of integrating blockchain technology into its other businesses especially those based abroad, and is looking at taking on projects on the Ethereum blockchain network, and is already on the analysis that help arrive at a decision.
The company is considering Ethereum because of so many profitable reasons and according to what Citi Bank said a few days ago, Ethereum as a crypto-asset could ‘become the currency of choice for international trade’, thanks to its ‘decentralized design, lack of foreign exchange exposure, fast (and potentially cheaper) money movements, secure payment channels, and traceability’.
More companies are still expected to make investment in cryptocurrency, the evolution and democracy of money is finally here.