Meitu App Logo

Chinese Social Media App Buys $40M Worth of Cryptocurrency

By CryptoBytes_ | CryptoBytes | 9 Mar 2021

The Chinese beauty and social media app Meitu bought $40 million worth of cryptocurrency. According to an official release, Meitu now owns $22.1 million worth of Ether and $17.9 million worth of Bitcoin. Following this announcement Meitu’s stock rose by 14.4% and the value of BTC and ETH saw sharp rises in their own value.

Context: Meitu made the purchase “partly for investment and partly as preparation to enter the blockchain industry.”

Why it matters: A major purchase of cryptocurrency by a Chinese company demonstrates China’s continued interest in the space. The increased stock price represents larger institutional confidence in the crypto assets.

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