Meitu, a Chinese company focused on the development of artificial intelligence for mobile applications, invested USD 40 million in the cryptocurrencies bitcoin (BTC) and ether (ETH), Ethereum’s native currency.

This was confirmed by the company itself through a statement published on its website, this Sunday, March 7. According to the note, Meitu made the purchase of 15,000 ETH and 379.1214267 BTC last Friday, March 5. This purchase corresponded to about USD 22.1 million in ETH and USD 17.9 million in bitcoin .

The purchase is part of a cryptocurrency investment plan previously approved by the board of directors . The text indicates that this program aims to invest a total of USD 100 million in cryptocurrencies, although it does not specify if the rest of the purchase will also be bitcoin, ether or another currency on the market.

However, the note adds that “any cryptocurrency that the group can buy or sell under the Cryptocurrency Investment Plan will depend on market conditions and will be done at the discretion of the Board.” With this, they open the possibility to consider any cryptocurrency, depending on the conditions of the moment .

The statement states that the board decided to invest in this moment in the two main cryptocurrencies according to market capitalization, considering that these “should improve the value for shareholders in the long term.”

For the company, the ecosystem of cryptocurrencies and blockchains is still at an early stage to comply with a disruptive potential similar to that of the Internet, and wants to be a participant in that process.

“The Board considers this to be a demonstration to investors and stakeholders that the Group has the vision and determination to adopt technological evolution, and therefore prepares its foray into the blockchain industry ”.

Meitu.

Bitcoin as an investment ; ether as “entry to the blockchain industry”

Although this company announces the investment in both cryptocurrencies as part of the same plan, it clarifies that each fulfills a different role within of your schema . Bitcoin, in this context, is considered to have characteristics that, according to Meitu, “allow it to be a good alternative store of value.”

The company even considers that bitcoin could be ” a way superior to other stores of value ”, such as real estate, precious stones and gold. Thus, Meitu joins a growing trend of investors putting the cryptocurrency created by Satoshi Nakamoto ahead of what until now was considered as the reserve of value asset par excellence .

For its part, the Ethereum cryptocurrency is considered by the company’s board of directors as a potential gateway to the ecosystem of decentralized applications (dApps) that run on this network.

Currently, Meitu is evaluating the feasibility of integrating the use of blockchains into its businesses. That includes the potential launch of dApps on Ethereum, “as well as identifying suitable overseas blockchain-based projects for potential investments.”

In summary, the ETH funds that the company will have could serve, from their point of view, as a “gas reserve” for their possible dApps or as a way to invest in other projects that they find interesting.

Meitu now joins the wave of institutional investors in bitcoin, which for many has caused the recent price increases that put BTC around USD 50,000 per unit, according to the price table of CriptoNoticias.

But the approach of the Chinese company is different from that of other companies, such as MicroStreategy, Square or Tesla. Not just for your investment in another cryptocurrency, besides bitcoin. Also because it will not safeguard its own currencies .

The recently acquired funds will be kept on “renowned trading platforms contracted by the group with good measures established security measures, ”Meitu stated in his announcement. This contradicts the popular saying in the cryptocurrency environment about self-custody: “not your keys, not your coins.”

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