Meitu Beauty App Invests Almost $23M in Ether Cryptocurrency—Chinese Company is First Major Backer!

A new cryptocurrency is in town and it is called Ether, which is fairly new to the industry but has already received major funding from one of its first significant backers, Meitu, a beauty app from China. Despite being a young one in the cryptocurrency business, Meitu has already trusted the company with almost $23 million worth of coins.

Bitcoins were among the first to popularize cryptocurrency and are followed by several companies that debuted the different names that would serve the same purpose as the pioneers and initial users. Ether, also known as Ethereum ($ETH), is one of the world's massive names in cryptocurrency that has been around since 2015.

It is said that cryptocurrency is the next-generation form of money that the world would have, especially as it transitions to the online and digital world where almost everything is part of the internet. However, money was not enough to address a global need for a shared or common language as various currencies differ in value from one another.

Meitu Invests in Ether Cryptocurrency like Tesla

According to Meitu's report, the Chinese beauty application has invested $22.1 million in Ether's cryptocurrency which is equivalent to 15,000 units of the coins, recently purchased last Friday, March 5. The company has announced this investment last Sunday and added that it has also bought 379.1 units of Bitcoin, which costs $17.9 million.

The Beauty app's chairman, Cai Wenshang, is a crypto-enthusiast and has been fond of the next-generation currency, hence the company's stockpiling of the virtual form of money. Wenshang regarded this to be an investment, particularly in Ether, because of the growing popularity and value of cryptocurrency.

The company detailed this purchase to be under the "Cryptocurrency Investment Plan," which does not end in the recent purchase of Ether and Bitcoin from the massive market it has. Cryptocurrency is believed by the company to increase and improve its portfolio, making them the first major backer of Ether (ETH).

Tesla Bitcoin Purchase

Bloomberg's report suggests that Meitu has followed the footsteps of Tesla on its recent venture of investing the company assets to Ether and other forms of cryptocurrency. The popular electric vehicle manufacturer was recently reported to invest a massive chunk of its profits in Bitcoins, aiming to increase its profits as its value changes.

Cryptocurrency in the Present

Various companies have been investing a whole lot of their assets in cryptocurrency, and it does not only focus on Bitcoin, one of the world's most popular digital currencies available for people to trade-in. New names are joining the list, and it includes the popular meme currency, Dogecoin, which has been the focus of several SEC complaints and probes.

Ether may be a new name on the list, but its first major backer, Meitu, has given it the boost it needs to become more popular and invite other companies to invest in cryptocurrency.

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Written by Isaiah Alonzo