Chinese Photo Editing App Developer 'Meitu' Purchases $40 Million in Cryptocurrency
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[Asia Economy Reporter Park Byung-hee] Shares of Chinese photo editing application developer Meitu have been showing strong performance after announcing the purchase of $40 million worth of cryptocurrency.
According to major foreign media on the 8th, Meitu's stock price rose as much as 14.4% intraday on the Hong Kong stock market.
Meitu announced on the previous day that it had purchased $17.9 million worth of Bitcoin and $22.1 million worth of Ethereum on the 5th. Meitu stated that it bought the cryptocurrencies for investment purposes and to prepare for entry into the blockchain industry. Additionally, the company said it is exploring the possibility of applying blockchain technology to its overseas business.
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Last month, U.S. electric vehicle company Tesla Motors announced the purchase of $1.5 billion worth of Bitcoin, after which the price of Bitcoin rose by 20%.
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