Meitu appears to be following the steps of MicroStrategy. The Chinese tech company recently announced another $50 million investment in Bitcoin and Ethereum, bringing the fiat equivalent of its total crypto purchase to $90 million.
As reported by BTC PEERS, the Hong Kong and China-listed firm bought 380 BTC for $22.1 million and 15,000 ETH for $17.9 million at the beginning of the month. In its recent purchase, Meitu has spent another $21.6 million to purchase 386.08 Bitcoin and $28.4 million for 16,000 Ether tokens.
While making the announcement, Meitu expressed its firm belief in the potential of blockchain tech to disrupt existing financial and technological industries. They wrote:
The Board believes that the blockchain industry is still in its early stage, analogous to the mobile internet industry in circa 2005. Against this backdrop, the Board believes cryptocurrencies have ample room for appreciation in value.
Meitu also pointed to investments from other large institutions like Tesla and MicroStrategy. Beyond the influx of institutional money, traditional financial services are beginning to roll out support for cryptocurrencies. Overall, digital assets appear to be going mainstream.