The company behind popular photo-editing app Meitu just bought tens of millions of dollars in Bitcoin and Ether.
Meitu said it bought $ 22.1 million of Ether and $ 17.9 million in Bitcoin on March 5. As such, Meitu followed Tesla and Square to buy virtual currency. However, it appears to be the first major company to buy Ether, an ethereum-based currency. Ether is the second largest virtual currency in the world by market capitalization, behind only Bitcoin.
Ethereum is a completely different network from Bitcoin. It is an open source blockchain system that allows programmers to write applications on its platform. Cryptocurrencies (Ether) are used to pay or interact with services developed on the ethereum network. These are often referred to as decentralized applications or dApps.
In a statement, Meitu commented that blockchain technology has the potential to disrupt both the current tech and finance industries, similar to the way the mobile Internet has done with the computer Internet and other offline industries. The decision proves to investors that Meitu has “a vision and determination to embrace technological progress, preparing to enter the blockchain industry”.
The company is evaluating the possibility of integrating blockchain technology into a variety of overseas businesses, including launching ethereum-based apps or investing in other blockchain businesses.
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