Hong Kong-listed Meitu Inc. is the latest big player to make a significant purchase in the crypto sector with the company buying $22m worth of Ether and $17.9m of Bitcoin.
This makes Meitu, an mage editing software company, one of the few companies to actually buck the trend. So far, companies have been investing copiously in Bitcoin and not really considering Ether as worthwhile, at least not on the same scale.
Meitu though, may be investing in the fact that the rising BTC price usually leads to better prospects for ETH.
According to Meitu's own statement, the company purchased 15,000 ETH and 379.1 BTC on March 5 and the deal comes as a part of a board-approved investment plan which allows the company to use up to $100m of liquidity to purchase cryptocurrencies.
Meitu noted that buying crypto was a way to avoid over-reliance on cash. Similarly, the company clarified that: “More importantly, the board considers this a demonstration to investors and stakeholders that the group has the vision and determination to embrace technological evolution, and hence preparing its foray into the blockchain industry.”
Meitu is not stopping at just investing and the company has a game plan. It's looking to launch Ethereum-based dApps in several jurisdictions. It's also considering more potential investments related to crypto.
This comes at a time when institutional investors' appetites for crypto are increasing substantially. At the same time, the day-to-day applications of crypto are just as well-documented in gaming websites that support both currencies, such as FortuneJack, 1xBit, and Bitcasino.io.