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Meitu, A Chinese beauty App Becomes First Major Company to Buy Ether

Taking cues from Tesla, a Chinese beauty App company, Meitu becomes the next major company to invest in cryptocurrencies.

Given the state of digital coin prices skyrocketing, it isn’t surprising that companies are looking into cryptocurrencies for investment. Meitu said on Sunday that it bought 15,000 units of Ether for $22.1 Million and 379.1 BTC for $17.9 Million. This is in part of company’s roadmap to infuse a part of its cash hoard ($100 Million) into crypto purchases.

Meitu’s chairman Cai Wensheng has been enthusiastic towards cryptocurrencies and has been exploring blockchain technology for quite some time now.

Source: Coin desk

ETH rose as much as 5.5% reaching its highest level in the past few weeks. This is in tune with cryptos surging after a major corporation announces investment in that cryptocurrency.

Meitu Inc. is the first major company inspired by Tesla offering the notion of acceptance to cryptocurrencies. This purchase not only makes broader inroads for BTC but also for other cryptos like ETH.

Since Tesla’s $1.5 Billion purchase, Bitcoin is making inroads in a lot of institutions like banks, offices and a number of corporations(a few of them, of course). Although skepticism about cryptos’ volatility and value isn’t over yet, Acceptance from major corporations would most certainly help in subsiding it.

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