Chinese app Meitu buys $40 million worth of bitcoin and ethereum

Meitu, a Chinese company that makes a photo editing app, has purchased bitcoin and ether, becoming the latest firm to buy cryptocurrencies.

The Hong Kong-listed company said on Sunday it bought $22.1 million worth of ether and $17.9 million worth of bitcoin on March 5.

Meitu follows the likes of electric car company Tesla and Square in purchasing bitcoin. But the Chinese appmaker appears to be the first major company to buy ether, a cryptocurrency that works on the ethereum blockchain.

Bitcoin is based on its own blockchain, the technology that underpins it.

Ethereum is a completely different network. It’s an open-source blockchain that allows developers to build apps on top of it. The cryptocurrency ether can be used to pay or interact with services built on top of the ethereum network. These are often called decentralized applications or dApps.

Meitu said in a statement that “blockchain technology has the potential to disrupt both existing financial and technology industries, similar to the manner in which mobile internet has disrupted the PC internet and many other offline industries.”

“The Board believes cryptocurrencies have ample room for appreciation in value and by allocating part of its treasury in cryptocurrencies can also serve as a diversification to holding cash (which is subject to depreciation pressure due to aggressive increases in money supply by central banks globally) in treasury management,” Meitu said.

The move demonstrates to investors that Meitu “has the vision and determination to embrace technological evolution, and hence preparing its foray into the blockchain industry,” Meitu said.

Shares of Meitu were 3.3% higher at 1:44 p.m. Hong Kong time after popping over 14% earlier in the day.

Meitu noted that cryptocurrency prices are “still highly volatile.”

The company said it is “evaluating the feasibility of integrating blockchain technologies to its various overseas businesses” including potentially launching ethereum-based apps or investing into other blockchain businesses.

Source: cnbc.com

PS. In our blog pages we got hidden links where you can earn cryptocurrency for free.

Comments

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry. The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling. Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk about cryptocurrency,

Will Solana (SOL) Be the Shining Star of the Bull Market?

About 250,000 to 700,000 SOL have been sold daily by FTX for the last three weeks. SOL’s price jumped above $60, as GSOL’s premium also increased. While the price may retrace, it may not take long before SOL hits $70. Despite being a notable casualty of the FTX contagion in 2022, Solana (SOL) has defied all odds in 2023, as the price continues to outshine its peers. In the last 30 days, the value of SOL has increased by 180%, rising as high as $62 on November 11. However, the rising price of SOL is not the only interesting thing the token has shown by the token. For a token that was once described as dead, it has shown tremendous strength. Coin Edition came to this conclusion because of a post by trader Bluntz Capital. The Big Players Are Here According to Bluntz, FTX, after getting the go-ahead to liquidate its assets, has been selling around 250,000 to 700,000 daily for the last three weeks. Regardless of the sales, SOL has failed to nosedive. Rather, the price has chosen the upside

Terra Classic Community Passes Major Constructive Proposal, LUNC And USTC To $1?

The Terra Luna Classic community has passed another key proposal as they prepare for a revival of Terra Luna Classic (LUNC) and repeg USTC stablecoin to $1. The proposal aimed at having a guideline for a pay-per-job approach on the Terra Classic chain as core developer L1TF goes into maintenance mode for Q4. Meanwhile, the community is also collaborating on other fronts to keep LUNC and USTC above key support levels as traders started booking profits amid the latest pullback in the crypto market. Terra Luna Classic Passes Pay Per Job Proposal Proposal 11889 “Pay-per-job and governance-ruled Job List” has passed successfully. The proposal deemed the monthly model of roadmap and payment planning as suboptimal and plans to switch to a pay-per-job model. The proposal has received 91.99% “Yes” votes, with others mostly voting “Abstain”. The community believes it will optimize compensation structure, provide flexibility and transparency, boost community engagement, and risk mitigation. A

Crypto Ethone

Search This Blog