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Chinese Beauty App Becomes First Major Company to Buy Ether

  • Meitu buys Bitcoin and Ether for $40 million, may buy more
  • Companies are beginning to eye cryptocurrencies as investment
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China’s Meitu Inc., taking a page from Tesla Inc., has become the latest corporation to invest in cryptocurrency as digital coin prices head into the stratosphere.

Meitu, which makes an app that helps touch up user-profile pictures, said Sunday it bought 15,000 units of Ether for $22.1 million and 379.1 Bitcoins for $17.9 million in the open market on March 5. Those acquisitions are part of an overall plan to use as much as $100 million of its cash hoard to fund crypto purchases because it believed prices had room to appreciate and crypto could diversify its portfolio.