Tech Firm Meitu Invests Another $49 M in BTC and ETH

by in Cryptocurrency News

Meitu $40 M in BTC and ETH

Image editing software organization Meitu stated investing around $28.4 M in Eth and $21.6 M in BTC.

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The name of the application is translated as "beautiful face" from Chinese. It is widely used in China, Hong Kong, and Taiwan with nearly 300 million monthly active users, according to its latest financial report.

Particularly, the entity's subsidiary Miracle Vision purchased another 16,000 ETH worth about $28.4 M and 386.086 BTC worth about $21.6 M on March 17.

The first time Meitu invested in cryptocurrencies was on March 5. Then the tech firm acquired $22.1 M worth of ether and $17.9 M worth of bitcoin. With the latest purchase, the total cryptocurrency funds of the company became $90 M, $50.4 M in Ether, and $39.5 M in Bitcoin.

Maitu said it holds the crypto assets in secure custody with "renowned" crypto exchange networks. The entity's investments are agreed with a board-confirmed investment plan that authorizes the firm to put up to $100 M in crypto.