The Chinese Meitu app has decided to invest in cryptocurrency. The company that presents one of the most used video editing and photo retouching applications has decided to buy in total 22,1 million dollars of Ethereum e 17,9 million dollars in Bitcoin.
The company's official statement specified that it had bought 15 thousand ETH and a total of 379 BTC. The purchase was made after the company and its board of directors agreed to approve a cryptocurrency investment plan. Overall, Meitu plans to purchase $ 100 million worth of cryptocurrencies over time.
The purchase will be possible thanks to the presence of money reserves from what's left over from the IPO, in fact Meitu has recently been listed on the stock exchange and its shares have seen a good price growth. Meitu stressed that the approval of this digital currency investment plan was a strategic choice and weighted company vision.
The board of directors wanted to proceed with an investment by placing trust in both cryptocurrencies and technology blockchain that in the future they could see their work increase, with a diversification of its reserves.
Meitu said: The board made this decision in order to demonstrate to stakeholders and investors that the group has a vision and determination it wants to embrace. technological evolution in the field of blockchain. Despite the long-term outlook, prices of digital currencies in general are highly volatile and therefore the board has decided to invest in the major cryptocurrencies with a higher market capitalization which is expected to increase the long-term shareholder value.
Meitu chose Ethereum and Bitcoin not only for capitalization logic but also for structural reasons. In fact, the decision to buy 15 thousand Ether was also born to evaluate the possibility of integrating the business by launching new dApps that will be based on Ethereum. For this reason, the purchase of ETH was also made as a reserve for future spending in the dApp.
As for Bitcoins, Meitu does nothing but follow in the wake of other companies that have invested in BTC and have begun to accept it as a means of payment as well. To incentivize the choice, the company explained that BTC is increasingly accepted and therefore becomes an injection of confidence for those who want to invest.
In any case, the investment by the company represents the first steps of a country like the China towards cryptocurrencies.