Meitu invests 300 million in bitcoin and Ethereum

Recently, Meitu company announced that on March 5, 2021, the company purchased 15000 units of Ethernet currency and 3791214267 units of bitcoin in the open market. The total value of these two cryptocurrencies is about US $22.1 million and US $17.9 million respectively (the total value is about 310 million RMB).

The news of bitcoin purchase by Meitu company also hit the hot search for a time, causing hot discussion.

Meitu invests 300 million in bitcoin and Ethereum

In this regard, Cai Wensheng, chairman of Meitu company, said in his circle of friends: “Meitu company continues to lay out the blockchain, and this time purchases Eth and BTC digital currency as the value reserve of long-term blockchain development strategy.”

Meitu invests 300 million in bitcoin and Ethereum

“Someone has to be the first to eat crab,” Cai added. This should be considered as the first listed company in Hong Kong to purchase BTC digital currency, and also the first listed company in the world to use eth Ethereum as a currency value reserve. “

Meitu takes Eth and BTC as value reserves for long-term development of blockchain strategy

According to the announcement issued by Meitu, the board of directors of Meitu thinks that blockchain technology has the potential to subvert the existing financial and technology industries, but this industry is still in its early stage, similar to the mobile Internet industry around 2005.

In this context, they believe that cryptocurrency has enough room for appreciation. If we allocate part of its cash reserves to cryptocurrency at this time, we can avoid cash risk to a certain extent.

At the same time, it can also show investors and stakeholders the group’s ambition and determination to accept technological innovation, so as to be ready to enter the blockchain industry.

Meitu is currently evaluating the possibility of integrating blockchain technology into its various overseas businesses, including but not limited to making potential investment with Ethereum based dapps and looking for suitable blockchain based overseas projects.