Tokyo-listed gaming large Nexon invests $100 million in Bitcoin (BTC)

 Tokyo-listed gaming large Nexon invests $100 million in Bitcoin (BTC)


South Korean–Japanese recreation maker Nexon immediately introduced a $100 million funding in Bitcoin (BTC), the world’s largest cryptocurrency by market cap, as per a release.

The agency is listed on the Tokyo Inventory Change (TSE: 3659) and makes a speciality of on-line video games for PC and cellular. It maintains over 50 titles—together with hits like MapleStory and Crazyracing Kartrider—in distribution at current.

Nexon was beforehand rumored to be among the many forerunners to buy crypto trade Bitstamp.

Stacking Bitcoin

The agency stated it picked up 1,717 bitcoins for roughly $100 million (¥11.1 billion) at a median worth of roughly $58,226 (¥6,446,183) per bitcoin, inclusive of charges and bills.

The acquisition represented lower than 2% of Nexon’s whole money and money equivalents readily available, the agency added.

Owen Mahoney, president and CEO of Nexon, defined that Bitcoin “provided long-term stability and liquidity” within the present financial setting whereas sustaining the worth of the corporate’s money for future investments.

“Our buy of bitcoin displays a disciplined technique for shielding shareholder worth and for sustaining the buying energy of our money belongings,” he said.

Footsteps

The feedback are just like these made by electrical carmaker Tesla and enterprise analytics agency MicroStrategy up to now 12 months, who’ve every invested billions of {dollars} within the pioneer cryptocurrency.

The companies say conventional devices like low-yield bonds and money are usually not nice stores-of-value anymore, given the rampant cash printing and the oncoming results of overinflation. 

Bitcoin, for them then again, represents an asset class simply winging out of its nest—with its mounted 21 million provide that means a rise within the variety of cash is a technical impossibility.

In the meantime, Nexon’s transfer comes amidst larger scrutiny of cryptocurrencies in markets like Japan and South Korea. The previous has weighed pleasant rules to embrace developments, however the latter is throwing blended alerts.

As CryptoSlate extensively reported, some Korean ministers are proposing closing down non-compliant crypto exchanges (there are over 200 of them within the nation), taxing merchants, and requiring ministers to declare capital features earned on crypto investments. However not everyone seems to be on board with that notion.

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