Photo editing application from China, Meitu is the latest company to buy digital currency. Yesterday, the company reported buying bitcoin and ethereum for a total of US $ 40 million.
Quoting from CNBC, Monday (8/3/2021), the Hong Kong-listed company said ethereum was worth US $ 22.1 million and bitcoin was worth US $ 17.9 million on March 5.
Meitu became a company that followed in the footsteps of the electric car Tesla and Square in buying bitcoin. But Meitu became the first Chinese company to have bought ethereum, a cryptocurrency working on the ethereum blockchain.
Besides, ethereum is a completely different network. The cryptocurrency ether can be used to pay for or interact with services built on the ethereum network. We can call it as decentralized applications or dApps.
Meitu Has a Vision to Embrace the Evolution of Technology
Meitu said blockchain technology has the potential to disrupt the existing financial and technology industry. This is similar to the way the mobile internet disrupts the PC internet and many other offline industries.
However, the company’s move by buying up digital currencies shows investors that Meitu has the vision and determination to embrace technological evolution. Meitu’s shares also rose 3.3% from 14% the previous day.
Despite buying digital currency, the company notes that cryptocurrency prices are still very volatile. The company is still evaluating the feasibility of integrating blockchain technology into various overseas businesses. This includes potentially launching ethereum-based applications or investing in other blockchain businesses.