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A Chinese company bought $ 40 million worth of bitcoin and ether

Chinese company Meitu, the maker of the photo retouching app and listed on the Hong Kong Stock Exchange, has officially announced that it has bought $ 40 million worth of bitcoin and ether.

to the the report The Block announced yesterday that it had purchased 15,000 ethers and 379.12 bitcoins from the open market at an average cost of $ 22.1 million and $ 17.9 million, respectively. The company, which also trades on the Hong Kong Stock Exchange, reportedly made the purchase on Friday.

Mito said in a statement:

The purchases were made in line with digital currency investment plans previously approved by the board. According to these plans, the group [میتو] It can spend $ 100 million net on digital currencies. This amount is provided more through the available liquidity than the proceeds from the initial public offering.

Mito was launched in 2008 and became one of China’s most popular apps. The company is currently valued at $ 1.5 billion. As of July 2020, Mito had about $ 384 million in cash, and according to the company, the monthly active users of the app will reach about 295 million.

Cai Wensheng, the founder and chairman of Mito, is known as a fan of Bitcoin; He said in a 2018 interview that he was surprised by the $ 10,000 price of bitcoin.

A statement signed by Kai on Sunday said Mito’s board believes Blockchain technology has the potential to revolutionize the financial and technology industries. The announcement likened Blockchain to mobile Internet and its impact on Internet access with computers and offline businesses. In part of this announcement, we read:

Mito believes that digital currencies have a lot of room to increase their value and allocate part of their reserves. [مالی] Digital currencies can be used as a [تکنیک] Cash asset diversification to be used in financial resource management.

The statement also noted the devaluation of Fiat currencies due to increased supply and printing of money.

As we said before, Mito is one of the companies traded on the stock market. Now you can put the names of these companies along with names like Square, Tesla and Micro Strategy, which have already bought bitcoins. Kai writes about this:

[بیت کوین], Has features that make it a good alternative value storage. These include supply constraints, its conversion into Fiat currencies, goods and services, portability, and its potential to act as a safe haven against the devaluation of Fiat currencies created by central banks’ increased money supply.

Some of these features could potentially make Bitcoin a better alternative to other value-added solutions such as gold, precious stones, and real estate. Much of the price of bitcoin is subject to demand created by the consensus of investors and the general public.

The announcement also mentions the areas of finance, computer games, social media, art and collectible assets (such as non-parable tokens) as activities of the board:

The group is currently exploring the possibility of using Blockchainchain-based technologies in its overseas businesses, including activities that are not dependent on Ethereum Decentralized Applications. In addition, the group is identifying suitable overseas projects that could be considered as a potential investment.


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