Chinese App Meitu Generously Invests In Bitcoin and Ethereum Yet Again

The Ethereum and Bitcoin community reacted in a joyful manner after Chinese app Meitu purchased more Ethereum and Bitcoin, adding valuable cryptocurrency to its treasure chest, marking itself as the first public organization to get Ethereum into its bag of goodies.

According to a tweet from FRXResearch, Meitu purchased around 15,000 Ethereum and 380 Bitcoin from the open market worth $17.9 Million and $22.1 Million, respectively, contributing to the bullish trends both cryptocurrencies are experiencing as of now. Both purchases occurred very recently, on the 5th of March 2021.

An official statement from Meitu stated that it holds around $40 Million worth of worldwide cryptocurrency. Adding to that, the company has plans to invest further in cryptocurrency, following a crypto investment plan of about $100 Million, approved by the board of directors at Meitu.

Meitu is a popular Chinese image processing app that takes images and adds different unique filters to them while also providing many unique photo editing tools to take normally taken images to the next level. The app has earned a great reputation not only in the Chinese market but also all over the world, now achieving more than 1 Billion downloads worldwide.

The Meitu ecosystem also has other apps such as a short video clip recording app known as ‘Meipai’ and the ‘BeautyCam’ app, which uses image processing algorithms to add beauty to user portrait images, giving users a shiny new look simulating a face makeover.

Data from various sources have shown Meitu gaining a yearly profit of over $100 Million in 2020 alone. This huge profit might have emerged because of users staying at home due to the worldwide COVID-19 pandemic, forcing people to stay in their homes and work remotely.

People get bored at home quite often because of the implementation of market lockdowns, so to find means of entertainment, apps like these come in the clutch, as they provide a significant amount of entertainment to people, helping them pass the time by interacting with each other remotely without the need to have physical contact.

While most of the popular companies prefer to invest in Bitcoin, Meitu is not hesitant of investing in Ethereum either, in the belief that both currencies will generate a profit, regardless of reputation and standing, which is a good motivational aspect for Ethereum investors and traders.