Bitcoin
$ 37,219
Ethereum
$ 2,531.2
Litecoin
$ 167.81

Chinese beauty app Meitu shares rose up after cryptocurrency investment

The Shares of Hong Kong-listed Chinese photo editing app – Meitu Inc rose as much as 14.4% on Monday morning after the company said it had bought $40 million of cryptocurrencies.

The beauty-focussed technology firm said in a Sunday evening exchange filing that it bought $22.1 million worth of Ether, the world’s second-largest cryptocurrency by market capitalisation, and $17.9 million worth of Bitcoin

Meitu is the latest company to say it will hold cryptocurrencies as part of its treasury operations. Last month, Tesla Inc revealed it had bought $1.5 billion of Bitcoin, which sent the token’s price up 20%.

Meitu said the purchase was partly for investment and partly as preparation to enter the blockchain industry, and that it would finance it from its existing cash reserves.

The company is evaluating the feasibility of integrating blockchain technologies into its overseas businesses, which could include projects on the Ethereum blockchain network.

Ether powers contracts and applications on the Ethereum network, and so purchasing it was a “logical preparation”, the filing said.

Meitu’s shares pared gains and were last up 5%, outpacing a 0.5% rise in the local benchmark index.

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Exploring Possiblity Of Using CBDC For Alternative Payment System
June 10, 2021By
Vitalik Buterin: Cryptocurrency Getting Ready for Mainstream Adoption
June 10, 2021By
US gov’t to treat ransomware attacks with similar priority as terrorism
June 10, 2021By

Advertisement

Video Posts

In
Economic Inclusion And Social Impact Of 4IR
May 21, 20210
In
Flash Listing On Mandala Exchange
May 15, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin37,219 0.77 % 0.10 % 1.24 %
Ethereum2,531.2 0.15 % 2.76 % 6.84 %
Tether1.000 0.04 % 0.15 % 0.32 %
Binance Coin360.96 0.25 % 2.02 % 10.35 %
Cardano1.560 0.33 % 3.84 % 11.18 %
Dogecoin0.3315 0.05 % 2.02 % 22.45 %
XRP0.8756 0.02 % 3.65 % 14.58 %
Polkadot23.59 0.08 % 2.67 % 9.86 %
USD Coin1.000 0.82 % 2.33 % 0.50 %
Uniswap24.15 0.15 % 2.96 % 12.92 %

You have not selected any currencies to display