Boyaa Receives Approval to Purchase $100 Million Cryptocurrency to Strengthen Web3 Strategy
Posted: December 22, 2023 11:59 AM Updated: December 22, 2023 11:59 AM
Correction and fact check date: December 22, 2023, 11:59 AM
briefly
Boyaa Interactive International has received shareholder approval to purchase $100 million worth of cryptocurrency within 12 months.
Chinese gaming company Boyaa Interactive International has received shareholder approval authorizing its board to purchase $100 million worth of cryptocurrency within 12 months.
Following this approval, Boyaa Interactive plans to primarily acquire Bitcoin and Ethereum, allocating $45 million each and an additional $10 million to Tether and USD Coin. The Company plans to finance this purchase with cash and the transaction is subject to market conditions.
The $100 million cryptocurrency acquisition represents approximately 38% of the company’s total assets.
This move is seen as pivotal for the company’s business layout and development in the Web3 space. The online gaming business is well-aligned with Web3 technology, and the company’s emphasis on communities, users, and virtual assets can promote broader and smoother adoption of Web3 technology in the online gaming industry.
Hong Kong’s Cryptocurrency and Web3 Sectors Rise
Boyaa’s digital asset plan reflects Hong Kong’s growing ambitions as a global hub for the cryptocurrency and Web3 sectors. The city is actively developing its regulatory environment to accommodate the evolving digital asset industry.
Earlier this year, Hong Kong authorities implemented a cryptocurrency licensing regime for virtual asset trading platforms, opening the door for them to serve retail customers. OSL and HashKey Exchange became the first exchanges to offer services in the city.
In the latest developments, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority announced that they are ready to accept applications for approval of cryptocurrency ETFs and virtual asset spot ETFs, underscoring the regulators’ progressive stance on digital assets.
Boyaa’s recent foray into digital assets reflects Hong Kong’s strategic shift to position itself as an emerging global hub for cryptocurrency and Web3 innovation.
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About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles