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Chinese beauty app becomes first major company to buy Ethereum Meitu, a Chinese company that makes a photo editing app, has purchased bitcoin and ether, becoming the latest firm to buy cryptocurrencies. Meitu follows the likes of electric car company Tesla and Square in purchasing bitcoin. But the Chinese appmaker appears to be the first major company to buy ether, a cryptocurrency that works on the ethereum blockchain. Meitu has also bought 379.1 Bitcoins for $17.9 million. The purchase is the first tranche of Meitu’s plan to buy up to $100 million worth of cryptocurrency. Bitcoin is based on its own blockchain, the technology that underpins it. Ethereum is a completely different network. It’s an open-source blockchain that allows developers to build apps on top of it. The cryptocurrency ether can be used to pay or interact with services built on top of the ethereum network. These are often called decentralized applications or dApps.

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