Corporate crypto adoption is apparently spreading to Asia.
Chinese tech company Meitu has bought $ 22.1 million in Bitcoin and $ 17.9 million in Ethereum with its cash reserves, according to a March 7 press release . It is the first Hong Kong-listed company to make such a move.
Its board of directors agreed to invest up to $ 100 million in cryptocurrencies.
Meitu, whose successful photo-editing app has 456 million users, compares the disruptive potential of blockchain to that of the internet. He believes the industry is still in its infancy, comparing it to mobile internet in 2005.
Meitu wants to dabble in blockchain
The board predicts that the two largest cryptocurrencies will be able to appreciate in the future, which is the main reason behind the investment:
Despite the long-term outlook, crypto prices in general remain very volatile and therefore the Board decided to invest in the two largest cryptocurrencies by market capitalization, Ether and Bitcoin, which the Board believes to be it should enhance long-term shareholder value.
Furthermore, you want to venture into the blockchain industry itself by launching decentralized applications (dApps) powered by Ethereum:
The Group is currently evaluating the feasibility of integrating blockchain technologies into its various overseas businesses, including but not limited to the launch of Ethereum-based dApps, as well as the identification of suitable overseas blockchain-based projects to possible investments.