South Korean Gaming Giant Nexon Buys $100m in Crypto

Organizations in Asia are starting to wager on cryptographic forms of money, with South Korean gaming giant Nexon following the lead of organizations, for example, Tesla and advanced installments expert Square, with a $100 million allotment into bitcoin.

On April 28, Nexon said that it has moved a piece of its money into the digital currency, buying 1,717 bitcoins at a normal cost of about $58,226 per bitcoin, including charges and costs, for around $100 million.

The organization, which has tasks in Japan and is recorded on the Tokyo Stock Exchange, was established in 1994 by South Korean extremely rich person Kim Jung-ju. It is a significant engineer of PC and versatile games, with energetic fans in nations like South Korea, Japan, and China.

“Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value, and for maintaining the purchasing power of our cash assets,” President and CEO Owen Mahoney said in a statement. “In the current economic environment, we believe bitcoin offers long-term stability and liquidity, while maintaining the value of our cash for future investments.”

Nexon said the bitcoin buy addresses under 2% of the organization’s all out money and money reciprocals close by.

In February, Tesla reported the acquisition of $1.5 billion in bitcoin and noticed that its board affirmed an update to the EV producer’s speculation strategy, which says will give greater adaptability to additionally differentiate and boost returns on our money that isn’t needed to keep up sufficient working liquidity.

Tesla CEO Elon Musk, who has been a candid ally of digital forms of money, as of late uncovered that the organization sold 10% of its property of bitcoin to show its liquidity. The organization revealed record profit for the January through March period, with a $101 million bookkeeping help from the deal.

Get the latest in Asian Bitcoin news here at Coin News Asia.




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