Tue, May 21

Nexon: Japanese Gaming Giant Invests In Bitcoin Worth of $100M

Nexon: Japanese Gaming Giant Invests In Bitcoin Worth of $100M Bitcoin News
  • Nexon has purchased 1,717 Bitcoins for approximately $100 million
  • The company believes that bitcoin will offer long-term stability and liquidity.
  • Now Nexon has joined the list of reputed firms following Tesla, MicroStrategy, Square.

Japanese Gaming Giant Nexon has purchased 1,717 Bitcoins which are worth $100 Million with its reserve cash. The company stated that this amount is less than 2% of the reserve cash.

Additionally, the firm believes that Bitcoin has long-term stability and liquidity while maintaining the value of cash for future investments.

Owen Mahoney, President and CEO of Nexon said

“Our purchase of bitcoin (BTC) is a disciplined strategy for protecting shareholder value…we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”

In addition, Bitcoin supporters and industry leaders have greeted Nexon’s decision for investing their money in the world’s largest cryptocurrency.

Nexon was established in 1994, described as a global leader for online games and the virtual world. Moreover, it has 10 franchises and the company currently has more than 50 games that can be operated in more than 190 countries.

Nexon Joined the List of Evolving Firms Into Cryptocurrency

Nexon follows the global leading firms to embrace the cryptocurrency world, which are MicroStrategy, Tesla and Square.

MicroStrategy kick-started the trend in August 2020, when it purchased about 21,000 BTC for $250 million, followed by Square with a $50 million purchase in October, and Tesla with a $1.5 million investment at the end of 2020.

More so, Tesla announced on Monday, 26th April, that the amount invested in bitcoin in mid-February 2021, has liquidated 10% of its BTC holdings.

Although, the experts have predicted that many reputed firms may invest in crypto in the next 8-12 months, which as a result may double the industries over $2 trillion market cap.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.