Chinese Tech Company Purchases Signal Asian Corporate Attention

The Chinese company Meitu announced on March 7 the purchase of 5,000 ETH and more than 379 BTC. The purchase, on Mar. 5, is part of an investment plan using cash reserves. Meitu’s business focus is in image and video processing as well as social media.

In the announcement, the company states that its Board sees blockchain as being in a state “analogous to the mobile internet industry circa 2005.” Moreover, Meitu sees its purchases in differing lights.

Meitu sees the Ethereum chain as a natural place for its own exploration into blockchain. The company might use it for Gas or for investing in blockchain-based projects that take ETH.

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