Investment

Coinbase processed $ 90 million worth of Meitu cryptocurrency and safekeeping

Cryptoboursa The Coinbase Institutional Management Platform has helped realize the purchase and storage of approximately $ 90 million worth of bitcoin and ether for Chinese technology company Meitu.

In today’s Coinbase blog, there is a crypto exchange based in the USA he said Meitu has used its services to execute crypto transactions worth up to $ 90 million “in multiple markets with minimal market impact.” This month, the technology company bought 379 bitcoins (BTC) for around $ 17.9 million and 15 000 ethers (ETH) for USD 22.1 million, followed by BTC 386.08 for USD 21.6 million and ETH 16,000 for USD 28.4 million. Coinbase Custody also provided refrigerated storage for digital assets, which are now worth more than $ 94 million.

“Cryptocurrencies are nothing new, but acquiring cryptocurrencies as a listed company, while ensuring the security of transactions and storage, as well as compliance with various regulations and audit requirements, is still like going through uncharted waters,” said Meitu CFO Gary Ngan.

Meitu cited institutional players like Tesla and Business Intelligence MicroStrategy acquiring bitcoins as part of reason for its purchase, in addition to the growing acceptance of cryptocurrency as a form of payment for goods and services. The company went public in 2016 and is listed in both Hong Kong and China.

Coinbase also made it easier for MicroStrategy to buy BTC for multimillion dollars. Platform for institutional storage of cryptocurrencies was the primary partner for the purchase of $ 425 million worth of bitcoin in September for five days.


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