China’s Mayto, which recently purchased Bitcoin and Ethereum, purchases using Coinbase

It was found that Chinese beauty app company’Meitu’ listed on the Hong Kong Stock Exchange recently used US Coinbase when placing large orders for Bitcoin (BTC) and Ethereum (ETH). Coinpost reported this on the 25th.

Coinbase said on the 24th, “We have been selected as a company to conduct transactions and custodial for May2. “I joined MicroStrategy and other companies that have a large amount of bitcoin, but the purchase of ETH is a unique example of a financial asset different from bitcoin.”

The importance of large-scale withdrawal data (on-chain data) that is withdrawn from this exchange can be highlighted again as the use cases of coinbase continue with the purchase of bitcoin by large companies.

Maytwo purchased 765 BTC and 31,000 ETH for about $90 million (about 102.1 billion won), twice in total on March 7th and 17th.

Mei Too, the first case of a Chinese company listed in Hong Kong, attracted attention. As for the reason for the purchase, Bitcoin purchased it as “strengthening corporate financial strategy,” and Ethereum said, “We will use it for cryptocurrency-related plans.”

[Coin-based attention point]

Currently, the largest holding of Bitcoin is MicroStrategy, which holds a total of 91,326 BTC. The purchase of these huge amounts of bitcoin is also made through Coinbase.

As Coinbase is used again, it is worth noting that the coinbase withdrawal record is used.

In the past, after a large order from MicroStrategy or Tesla, withdrawals were made to Coinbase Custody, and as a listed company, large-scale on-chain data was confirmed before the information was disclosed. As a factor, the attention of investors is also high.

(“Meitu” (BTC))

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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.