Meitu, a Chinese company that provides a photo editing application, bought $40 million worth of bitcoin and ethereum, making it one of the largest crypto currency companies.
In particular, the company listed on the Hong Kong Stock Exchange announced on Sunday that it bought Ethereum worth $22.1 million and Bitcoin worth $17.9 million on March 5th.
According to CNBC, Meitu said in a statement that “blockchain technology has the potential to disrupt both the existing financial and technology industries, similar to the way mobile internet has disrupted internet on computers and many other offline industries”.
The move shows investors that Meitu “has the vision and determination to embrace technological advancement, and is therefore preparing to enter the blockchain industry,” the company said in a statement. The company also notes that the prices of crypto currencies are still very volatile.
It is noted that bitcoin fell 1.39% to $49,667 while ethereum rose 0.46% to $1,677.9.
“The Board believes that crypto currencies have ample room for revaluation and the availability of some of their cash in them diversifies liquidity”, Meitu says in a statement, according to CNBC.
Meitu shares were increased by more than 3%, while earlier in Hong Kong the rise reached 14%.
It is recalled that the financial products company Square had proceeded to the purchase of bitcoins worth $170 million, while Tesla bought bitcoin worth $1.5 billion, “for greater flexibility in order to further diversify and maximize our liquidity performance.“