By Kayvon Pirestani, Head of APAC Institutional CoverageOne of the latest companies to diversify their corporate balance sheets with crypto is Meitu, Inc. The Hong Kong-listed (1357-HK) consumer tech company, known for its wildly popular selfie and photo community apps used by millions around the globe, recently purchased both Bitcoin and Ethereum.Coinbase Institutional was selected as the sole partner for both trade execution and custody on both their initial and second allocations, for a combined total of US$90m of BTC and ETH. Meitu was able to utilize our sophisticated algorithmic execution and smart order routing tools, along with the execution planning services of our high-touch agency-only OTC trading desk to execute these transactions across multiple marketplaces with minimal market impact. The purchased assets were then transferred into the secure offline cold storage of Coinbase Custody, a qualified custodian providing maximum security and meeting the industry’s highest regulatory standards.Meitu joins a long list of companies that Coinbase Institutional continues to help diversify with crypto including Microstrategy and other corporations. However, Meitu has made a unique case, not seen widely yet, on allocating a significant portion to ETH.“Cryptocurrencies are not new but acquiring cryptocurrencies as a listed company, while ensuring the security of the transaction and storage as well as compliance of various regulations and audit requirements, is still like navigating through uncharted waters,” said Gary Ngan, Chief Financial Officer of Meitu. “We are grateful that the Coinbase Institutional team has made this a very smooth sail …
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