Chinese Selfie-editing App Maker Meitu Buys $40 Million Worth Of Bitcoin And Ethereum

Actress Angelababy attends Meitu's smartphone promotional event on November 23, 2017 in Beijing, China. Visual China Group via Getty Images Chinese beauty app maker Meitu has scooped up $40 million worth of bitcoin and ethereum.The company could make crypto purchases of up to $100 million under a plan approved by its board.Meitu appears to be the first major corporate buyer of ethereum.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Meitu, a hot Chinese app maker, on Sunday revealed a $40 million cryptocurrency investment in a filing to the Hong Kong Stock Exchange.The photo-retouching company, which is hugely popular in China, said it bought 15,000 units of ether and 379.12 units of bitcoin at about $22.1 million and $17.9 million, respectively.Meitu appears to be the first major company to have purchased ether, a digital asset that operates on the Ethereum blockchain.

 

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