Meitu: Big crypto investment with bullish outlook

Meitu: Big crypto investment with bullish outlook

 

In China, the Meitu app is all the rage because it gives normal selfies the look of manga comics. Now the software company behind it has also beefed up its financial reserves with crypto assets.

Elon Musk and Michael Saylor’s investments in Bitcoin are attracting imitators. Now the Hong Kong software company Meitu has indicated that it has entered the crypto market. Thus, Meitu has Bitcoin Machine bought Ether (ETH) for 22 million US dollars and Bitcoin (BTC) for 17.9 million US dollars. This is according to a press release obtained by BTC-ECHO. The purchases were made under the terms of an investment plan previously approved by the board. This allows Meitu to invest up to 100 million US dollars in cryptocurrencies, financed by cash reserves and the remaining proceeds from Meitu’s IPO in 2016 respectively. The investment plan takes an extremely bullish view:

The board believes that blockchain technology has the potential to completely transform both the existing financial and technology industries, much like the mobile internet has transformed the PC world and many other offline industries.

The name Meitu is not necessarily familiar to everyone in this country. In China in particular, however, the app of the same name is an absolute hit, mainly among those who like to post selfies on social media channels. A popular function of the app are filters that give the selfies a glittery, soft-drawn look. The similarity to manga comics is probably quite intentional. Meitu calls this process „Beautification“ or „Virtual Makeup“.

Meitu app gives selfies a manga look in no time at all

The result goes far beyond the algorithms of well-known image editing software such as Photoshop. For Western tastes, however, the visages, which are virtually covered with flowers, patterns and artificial make-up, usually look a bit kitschy. But the Meitu app also allows users to transform themselves into creepy alien faces. However, user forums are already warning about the bar of permissions that the installation requires.

The company said that while buying cryptocurrencies also helps to avoid hoarding the holdings exclusively as cash. But there is another aspect that Meitu points out in the press release.

More importantly, the board sees this as a demonstration to investors and stakeholders. The group is resolutely realising its vision of technological development as it prepares its foray into the blockchain industry.

Moreover, Meitu mentions that they are striving to expand the integration of blockchain technology to overseas business. This is said to include the launch of Ethereum-based dApps. In addition to the acquisition of crypto assets, Meitu is also considering possible investments in blockchain-based projects.