Elon Musk’s Tesla made massive waves in the crypto industry when it was revealed that it bought $1.5 billion worth of Bitcoin. Now, China’s beauty app, Meitu, decided to mirror its move by investing over $20 million in Ethereum (ETH), causing Ethereum’s price to jump by over 6%.
Popular Chinese app invested $40 million into crypto
The crypto industry has been trying to attract the attention of major corporations for over a decade, and it seems that it finally succeeded. Companies like Grayscale and Microstrategy have invested millions upon millions in crypto on behalf of their clients, and some firms, like Tesla and Meitu, decided to buy crypto on their own.
The industry is certainly getting a lot more attention, as Meitu admitted yesterday, March 7th, that it invested $22.1 million into ETH, purchasing a total of 15,000 coins. However, the company did not only focus on Ethereum. It also bought 379.1 BTC, paying an additional $17.9 million for the coins.
Meitu plans to invest more further down the road
According to the company, the purchases are a part of a larger plan to invest $100 million of its cash supply for cryptocurrency purchases. Apparently, the company believes that there is a lot of room for crypto prices to grow, and it wishes to diversify its portfolio.
At the moment, no company of a similar size has revealed plans to invest any significant amount into ETH, although that might change now that Meitu has shown interest in the world’s second-largest cryptocurrency. Meitu’s chairman, Cai Wensheng, has been interested in the crypto and blockchain industry for a few years now, researching it ever since it attracted its attention.
Earlier today, Meitu surged by 14%, although it then entered a wide selloff, which caused it to finish over 6% lower. As for Ethereum, its price increased by around 6% after the news.
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