Chinese tech company Meitu adds $40m worth of crypto to its balance sheet

Team Luno
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Meitu, a major Chinese tech company, announced yesterday that it has bought $40 million worth of crypto – $22 million in ether (15,000 ETH) and $17.9 million in bitcoin (380 BTC).



Meitu is a Hong Kong-listed smartphone manufacturer and selfie app software company with a market cap of $11.76 billion.


In a statement regarding the purchase, the company said its board believes blockchain has the potential to disrupt the finance and technology sectors, noting that “the blockchain industry is still in its early stage, analogous to the mobile internet industry in circa 2005.”


It added that it could also choose to use Ethereum in its apps, as the Ether purchased would “become the gas reserve for the Group's potential dAPP(s) to consume in the future, as well as being used as consideration for investing in blockchain-based projects that take Ether as consideration.

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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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