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Chinese firm behind photo-editing app Meitu buys $40 million worth of bitcoin and ethereum.

In a recent report today, ARK Investment Management predicted that the price of bitcoin would surge above $1 million by 2030.
In a recent report today, ARK Investment Management predicted that the price of bitcoin would surge above $1 million by 2030.

Meitu, a Chinese company that makes a photo editing app, has purchased bitcoin and Ether worth $40 million, becoming the latest firm to buy cryptocurrencies. The Chinese firm has followed the likes of Tesla and Square in purchasing the leading cryptocurrency bitcoin, as reported by CNBC. On Sunday, the Hong Kong-listed company announced that it bought $22.1 million worth of Ether and $17.9 million worth of bitcoin on March 5.

Chinese app maker is the first major company to buy Ether.

The Chinese app maker appears to be the first major company to purchase Ether, a cryptocurrency that works on the ethereum blockchain. Bitcoin is based on its own blockchain, the technology that underpins it. Ethereum is an open-source blockchain that allows developers to build apps on top of it. The cryptocurrency ether can be used to pay or interact with services built on top of the ethereum network. These are often called decentralized applications or dApps.

“Blockchain technology has the potential to disrupt both existing financial and technology industries.”

The Chinese firm Meitu said in a statement that “blockchain technology has the potential to disrupt both existing financial and technology industries, similar to the manner in which mobile internet has disrupted the PC internet and many other offline industries.” “The Board believes cryptocurrencies have sufficient room for appreciation in value and by allocating part of its treasury in cryptocurrencies can also serve as a diversification to holding cash (which is subject to depreciation pressure due to aggressive increases in money supply by central banks globally) in treasury management,” Meitu said in the announcement. Since the massive winning rally of bitcoin, several major institutions have expressed in holding cryptocurrencies.

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