Chinese Photo Editing App Meitu Shares Surge After USD40 Million Cryptocurrency...
source link: https://en.pingwest.com/w/8386
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Chinese Photo Editing App Meitu Shares Surge After USD40 Million Cryptocurrency Investment
March 8, 2021 9:11 pmBeijing (PingWest)- Hong Kong listed Chinese tech company Meitu, which is best know for its photo editing app, saw its shares surged nearly 15% on Monday morning after the company announced to buy USD40 million of cryptocurrencies including Bitcoin and Ethereum.
In a filing to the Hong Kong Stock Exchange on Sunday, Meitu said it had bought USD22.1 million worth of Ether and USD17.9 million worth of Bitcoin.
Explaining the decision making, Meitu said the purchase were part of a USD100 million cryptocurrency investment plan which has already approved by the company’s board of directors.
Bitcoin investment can also help the company to enter into the blockchain industry, the company added.
The company is also evaluating the feasibility of integrating blockchain technologies into its overseas businesses, which could include projects on the Ethereum blockchain network.
Meitu is probably the first Chinese publicly traded company to reveal it will invest in cryptocurrencies as part of its asset portfolio.
Institutions and banks have shown their interest in crypto amid Bitcoin boom started from April last year. Last month, Tesla disclosed it had bought USD1.5 billion of Bitcoin, which sent the bitcoin’s price to a record high of USD58,317 per token.
GAC-NIO, a venture set up by NIO and Guangzhou-based GAC Group, announced in December last year it would bitcoin as payment for car purchases, but it withdrew the plan due to the lack of government permission.
SHARE
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK