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Home Blockchain

China’s Public Card Game Developer to Invest $100M in BTC and ETH

by Dan K
Nov 14, 2023 - 6:00 pm
in Blockchain
DWS CEO Stefan Hoops and Galaxy Founder Michael Novogratz shaking hands, symbolizing the collaboration for the euro stablecoin launch.

Boyaa Interactive’s Major Crypto Leap

Chinese publicly traded online game developer Boyaa Interactive is gearing up for a significant foray into the cryptocurrency market. According to a recent filing with the Hong Kong Stock Exchange, Boyaa has disclosed its ambitious plan to allocate up to $100 million in cryptocurrencies over the next year.

Aligning with Web3 Business Strategy

In the statement issued on November 13, Boyaa elaborated that the acquisition of digital currencies is a key component of the firm’s asset allocation strategy, aligning closely with its Web3 business objectives. This move indicates a broader acceptance and integration of cryptocurrencies in mainstream business strategies.

Diversification into Bitcoin and Ethereum

Upon receiving shareholder approval, Boyaa intends to invest approximately $90 million in two major cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). The company also plans to allocate around $10 million towards stablecoins such as Tether (USDT) and USD Coin (USDC), thereby diversifying its crypto portfolio.

Partnering with HashKey Exchange

The procurement of these digital assets is expected to be facilitated through HashKey Exchange, a licensed cryptocurrency entity under the Hong Kong Securities and Futures Commission. This collaboration signifies a compliance-focused approach to crypto investments.

Boyaa’s Continued Crypto Endeavors

This isn’t Boyaa’s first venture into the cryptocurrency realm. Earlier in August 2023, the firm had allocated $5 million for purchasing BTC and ETH. This consistent investment strategy underscores Boyaa’s confidence in the long-term value of cryptocurrencies.

Contextualizing with Industry Trends

Boyaa’s decision comes at a time when other Chinese companies are reevaluating their cryptocurrency strategies. For instance, in mid-October 2023, crypto.news reported that Meitu, another Chinese tech giant, was considering selling its crypto holdings, which it had been accumulating for around two years. This contrast in approaches highlights the dynamic and evolving nature of corporate investment in digital currencies.

Tags: BTCChinaETH
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

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