June 19, 2021

Asian Firms Already Holding Bitcoin Says Binance Founder After China’s Meitu Announces $40 Million Investment

2 min read

Chinese companies now appear to be following American corporates so that they don’t lose out on the Bitcoin (BTC)train. In the current development, China’s video and image processing software company Meitu has actually revealed its latest investment in Bitcoin (BTC) and Ethereum (ETH).

As per the Bloomberg report, on Sunday, March 7, Meitu announced $40 million in total – – buying 379.1 Bitcoins for $17.9 million and 15,000 systems of Ether for $22.1 million. Reportedly, this investment is simply a fraction of the company’s strategy to put $100 million of its cash reserves in cryptocurrencies as part of portfolio diversity.

However, as it appears that Meitu is the first Chinese firm to officially declare its Bitcoin (BTC) financial investment, Binance CEO Changpeng Zhao stated that lots of other Asian companies have already invested in Bitcoin.

But with strong regulative procedures and crypto restrictions in some part, not many are openly vocal about it, he hints.

Binance( @cz_binance )March 7, 2021 No other public listed Asian firm has openly revealed its intent to purchasing Bitcoin (BTC) yet. Meitu chairman Cai Wensheng has been a long-lasting crypto enthusiast and has actually been checking out blockchain innovation for some duration.

Corporates Heating up to Bitcoin (BTC) and Ethereum (ETH) Investments

American corporates have actually been eager to put their balance sheet on Bitcoin amid worries of rising inflation and USD currency devaluation. Leading ten business like Tesla have actually currently announced $1.5 billion direct exposure to Bitcoin.

Now, with Meitu signing up with the bandwagon, it can possibly produce a cause and effect with other Asian and Chinese corporates signing up with quickly. Meitu’s board of directors is favorable that both these properties will outperform in the long-lasting. The main announcement checks out:

“Notwithstanding the long-term prospects, cryptocurrency rates in basic are still highly volatile and for that reason the Board presently decided to buy the two largest cryptocurrencies by market capitalization, Ether and Bitcoin, which the Board thinks need to boost investor worth in the long-lasting”.

Surprisingly, the software application app development company has actually likewise shown interest to participate in the blockchain revolution by introducing Ethereum-based decentralized applications (DApps).

“The Group is currently examining the feasibility of integrating blockchain technologies to its various abroad organizations, consisting of however not limited to releasing Ethereum-based dApps, in addition to recognizing appropriate abroad blockchain-based tasks for prospective investments,” stated Meitu.

After recently’s volatility, Bitcoin (BTC) is trading back again above $50,500 levels while the Ethereum (ETH) price has actually shot $1725 with strong whale build-up.

The post Asian Firms Already Holding Bitcoin Says Binance Founder After China’s Meitu Announces $40 Million Investment appeared initially on Coingape.