In an announcement made on March 7, Chinese technology company headquartered in Siming District, Meitu announced that it had bought BTC and ETH worth $ 40 million. Meitu is one of the giant companies listed on the Hong Kong Stock Exchange since December 2016.
In early February, Tesla took a drastic decision by investing $ 1.5 billion in Bitcoin and gave a ‘hint’ that their company would start accepting cryptocurrencies as one form of payment. The move taken by Tesla has opened the eyes of many industry players to plunge into Bitcoin investments especially in the West.
However, since March, not only has the western industry ventured into crypto but also the trend can be seen in Asia. Meitu this week reported having bought 380 BTC and 15,000 ETH at a price of $ 47,105, and $ 1473.
Meitu is a Chinese company listed on the Hong Kong exchange that decided to add crypto to their portfolio. Analysts see this action could create a domino effect in China’s business ecosystem. However it should be noted that crypto regulations in China are counted as a strict category.
For example, with Meitu’s announcement, it can be expected that Asian companies and businesses in general will expand institutional investment in digital assets. At the time of writing, the price of bitcoin has jumped $ 50,403.16 and Ether has jumped to $ 1,720.88.
