Chinese Software Developer Meitu Is Moving Money From Cryptocurrencies To AI

Chinese software developer Meitu reportedly plans to sell its cryptocurrency holdings ‘at the appropriate time.’ The announcement comes amid a bleak economic outlook, particularly in mainland China.

Meitu has suffered a $24.76 million loss on its cryptocurrency portfolio, which includes 31,000 Ethereum (ETH) and 940.89 Bitcoin (BTC) purchased in March 2021. At the time of purchase, the prices of BTC and ETH were above $50,000 and $1,800, respectively.

Additionally, the company will shift its focus to Artificial Intelligence, a recently controversial domain. Meitu believes that AI can be a more profitable and sustainable investment.

Founded in 2008 by Cai Wensheng and Wu Xinhong, Meitu is known for its flagship app, Meitu Xiu Xiu, one of the most popular photo editing apps in China. In addition to photo editing apps, the company also develops other mobile apps, including selfie apps, social media apps, and video editing apps. As of August 2023, Meitu has over 247 million monthly active users.