Meitu, a Chinese developer of mobile applications, put an additional $17.9 million in bitcoin (EXANTE: Bitcoin) and $22.1 million in ether (ETH). According to a press release, the company increased its cryptocurrency hodlings by 386 BTC and 16,000 ETH. Meitu has accumulated a net purchase of approximately $90 million worth of cryptocurrencies so far.
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Earlier in March, Meitu invested $40 million in bitcoin and ether. The purchases were made pursuant to a cryptocurrency investment plan previously approved by the board of directors, under which the company could make a net purchase of up to $100 million worth of cryptocurrencies.
Meitu believes that bitcoin can be a superior form to other alternative stores of value such as gold, precious stone and real estate. Being an alternative store of value, its price is primarily a function of future demand that is driven by consensus of investors and the general public, the company said in its recent statement.
In February this year, the People's Bank of China (PBoC) set up a joint venture with SWIFT to comply with Chinese regulatory requirements on digital yuan. SWIFT said with the collaboration it would get all the necessary licenses for local network management activities to focus on maintaining compliance with applicable regulations in China.
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