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Boyaa Interactive, a gaming company based in Hong Kong, is seeking approval to invest $100 million i
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Boyaa Interactive, a gaming company based in Hong Kong, is seeking approval to invest $100 million i

15th Nov, 2023

This week, Boyaa Interactive, a Chinese gaming company listed on the Hong Kong Stock Exchange, revealed its intentions to potentially invest up to $100 million in cryptocurrencies, primarily focusing on bitcoin (BTC) and ether (ETH) within the next year. In a stock exchange filing on Monday, the company stated, "The acquisition and retention of cryptocurrencies represent a strategic move for the Group to align its business framework and expansion in the realm of Web3." Emphasizing the synergies between online gaming and Web3 technology, the company highlighted the compatibility of online gaming with Web3, citing its emphasis on communities, users, and virtual assets as factors that could facilitate a broader and more seamless integration of Web3 technology into the online gaming industry.

Boyaa has detailed a strategy to distribute $45 million for the acquisition of BTC, another $45 million for ETH, and the remaining $10 million for stablecoins, including Tether (USDT) and Circle's (USDC), over the course of the next 12 months. The funding for these purchases is intended to come from available cash, and the execution of the plan is contingent on prevailing market conditions. The company's board is currently seeking approval from its shareholders for this initiative and is set to provide comprehensive details on or before November 30, as outlined in the filing.

The proposed $100 million cryptocurrency acquisition represents a significant portion of Boyaa's total assets, comprising approximately 38%, as outlined in the filing.  Boyaa's strategic move into digital assets reflects the growing aspirations of Hong Kong as a global hub for crypto and Web3 industries. This momentum aligns with local authorities' implementation of a new digital asset regulatory framework this year. This regulatory shift includes the acceptance of applications for cryptocurrency trading platform licenses and the commencement of allowing exchanges to cater to retail customers.

"The Hong Kong Government, recognizing the appeal of virtual assets to global investors and anticipating future opportunities as these assets transition into the Web3 realm, is dedicated to fostering a conducive environment to support the sustainable growth of virtual asset transactions," stated the company in its filing.

Reference: coindesk.com


Author

Felix @mecnix





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