Chinese tech company Meitu today revealed an additional purchase of cryptocurrency. Meitu has invested an additional $ 28.4 million in ether and $ 21.6 million in bitcoin through its Singapore-based Miracle Vision arm. Earlier this month, the company announced a $ 40 million purchase of bitcoin and ether, with the option to increase investment to $ 100 million.
In the latest notice, the company described the purchase of bitcoin as part of a strategy to manage reserves, while ether – a broader plan to master the blockchain space. Ether can be used to cover the costs associated with decentralized applications and investments in third-party projects that accept cryptocurrency.
“The group is currently assessing the feasibility of integrating blockchain technology into various overseas divisions, including the launch of Ethereum-based decentralized applications, and is also identifying suitable overseas blockchain projects for investment,” the company wrote.
The Miracle Vision division, like Meitu itself, specializes in creating mobile applications for photo and video processing. Meitu’s shares are listed on the Hong Kong Stock Exchange. Together with the latest round, the company’s investment in cryptocurrencies reached $ 90 million. Assets were bought in the public market, and all related transactions were completed on Wednesday.