Meitu suffers losses due to investments in cryptocurrencies, and Square will develop a hardware crypto wallet
Meitu suffered losses amid investments in cryptocurrencies
Meitu has released information on trial investments in digital assets. According to data at the end of June, the IT company incurred losses in the amount of $2.6 million on investments of $100 million.
Meitu invested $100 million in BTC and ETH in March and April 2021. The company acquired 950.89 bitcoins for $49.5 million, as well as 31,000 ethereums for $50.5 million.
It follows from the company’s report that as of June 30, investments in BTC were estimated at $32.2 million. The ETH acquired by Meitu was worth $65.2 million. Despite the loss, the company’s top managers hope for the growth of the crypto market and do not intend to get rid of digital assets.
Jack Dorsey’s startup will develop a hardware crypto wallet
Twitter founder Jack Dorsey’s company will develop a hardware wallet for storing the main crypto coin. Square’s new initiative aims to popularize efficient storage tools for digital currencies.
“We have decided to build a hardware wallet and service to make bitcoin custody more mainstream. We’ll continue to ask and answer questions in the open. This community’s response to our thread about this project has been awesome — encouraging, generous, collaborative, & inspiring,” top manager Jesse Dorogusker wrote.
In turn, Jack Dorsey noted that Square will “conduct an open work on all fronts: from software to hardware design.”
Elon Musk criticizes ETH and BTC
Elon Musk made a critical comment regarding the most popular crypto coins. The entrepreneur stated that the BTC and ETH blockchains are characterized by slow transaction processing and high costs.
Musk wrote about this in response to a blog post by blogger Matt Wallace about the upcoming DOGE update. Wallace also stated that Dogecoin will emerge as “one of the most widely used cryptocurrencies in the world.”
“BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high. There is merit imo to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer,” Musk responded to Wallace’s tweet.