China’s largest board and card game company, Boyaa Interactive, is set to spend $100 million on purchasing cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Indeed, the Hong Kong-listed company is set to acquire the digital assets over the next 12 months, according to a published update. The online card game developer joins a list of public companies seeking a point of entry into digital assets. Subsequently, the initiative to acquire the digital assets was crafted by the board of directors. Moreover, the plan is currently pending approval from its shareholders.
The plan is currently pending approval from shareholders due to its overarching nature. Indeed, the board of directors is ensuring the $100 million fund is readily available. Subsequently, they would be able to curtail “prior shareholder approval for each purchase.” The approval would then see a large selection of the funds used for acquiring BTC and ETH. Specifically, $45 million would be allocated to the two largest cryptocurrencies by market cap. Thereafter, $10 million would be used by Boyaa to purchase stablecoins like Tether and USD.
This is good news for the crypto industry as a whole, as a large company like Boyaa Interactive is set to invest in it. This further shows the growing acceptance of cryptocurrencies as legitimate forms of payment and investment. This news also has potential to drive up the price of Bitcoin and Ethereum as the demand for these digital assets increases.
China’s Boyaa Interactive is set to spend $100 million on cryptocurrencies like Bitcoin and Ethereum over the next 12 months. This plan is pending approval from shareholders, and if approved, $45 million will be allocated to Bitcoin and Ethereum, and $10 million would be used to purchase stablecoins like Tether and USD. This is good news for the crypto industry as a whole, as it shows the growing acceptance of cryptocurrencies. #Bitcoin #Ethereum #Stablecoins #BoyaaInteractive
You can read more about this topic here: Watcher Guru: China’s Boyaa Interactive to Spend $90M on Bitcoin and Ethereum