Chinese public company Meitu has selected institutional-focused brokerage arm Coinbase as a partner to convert $ 89 million of cash reserves into Bitcoin and Ethereum.
Coinbase Institutional was selected by @meituofficial for both trade execution and custody on their treasury allocation into Ethereum and Bitcoin. To learn more about how Coinbase Institutional is helping corporates diversify with crypto click here: https://t.co/esmVq9kaFT
– Coinbase Institutional (@CoinbaseInsto) March 24, 2021
Bitcoin and Ethereum purchases have been made through an OTC platform across multiple sites to minimize market impact. The cryptocurrencies were then transferred to Coinbase Custody cold storage.
Coinbase Institutional noted that it has already helped listed companies, including MicroStrategy , convert reserves into cryptocurrency . But the collaboration with Meitu is still unique, as Ethereum made up a significant portion of the purchases.
“Cryptocurrencies are not new, but buying them for a public company while ensuring transaction and storage security, compliance with regulatory requirements and auditing rules is still like navigating uncharted waters,” said Meitu CFO Gary Ngan.
Recall, according to media reports, the Coinbase brokerage service helped Elon Musk’s Tesla invest $ 1.5 billion in bitcoin .