Coinbase handles transactions and storage for a $90 million May2 cryptocurrency investment.
Gary Ngan, Chief Financial Officer (CFO) of Meitu, a leading beauty app developer in China, said that the company is a publicly traded company and has had difficulties in acquiring its own cryptocurrency.
The institutional trust platform of the cryptocurrency exchange Coinbase helped to implement the purchase and management of approximately $90 million of Bitcoin and Ethereum in May2.
According to Cointelegraph on the 24th (local time), the blog of Coinbase, a cryptocurrency exchange based in the United States, revealed that May2 is using its services to make cryptocurrency transactions worth up to $90 million. This month, the company purchased 386.08 BTC for $21.6 million and ETH 16,000 for $28.4 million, followed by 379 BTC for about $17.9 million and ETH for $22.1 million.
The Coinbase Trusted Platform provided indefinite storage for this digital asset, currently worth more than $94 million in total.
Gary Ngan, Chief Financial Officer (CFO) Maytoo, said, “Cryptocurrency is not new, but as a publicly traded company, securing transactions and storage as well as ensuring compliance with various regulations and audit requirements is It’s still like sailing an unknown sea.”
In addition to increasingly accepting cryptocurrency as a form of payment for goods and services, May2 also cited the acquisition of bitcoin by institutional players such as Tesla and MicroStrategy, a business intelligence company, as one of the reasons for the purchase. The company went public in 2016 and is listed in both Hong Kong and China.
Meanwhile, Coinbase also brokered MicroStrategy’s multi-million dollar BTC purchase. Coinbase’s institutional trust platform was operated for five days as a major partner when the company purchased $425 million of bitcoin in September 2020.