Blockchain News

Hong Kong Gaming Giant Boyaa Interactive Plans $100M Crypto Investment in Landmark Move

Directors aim to allocate $45 million to Bitcoin, $45 million to Ethereum, and $10 million to stablecoins like Tether and USD Coin.

Hong Kong-based Boyaa Interactive International Limited is set to vote on a $100 million crypto investment plan on December 20. 

The proposal, to be discussed at a special general meeting, outlines the allocation of funds, with $45 million each for Bitcoin (BTC) and Ethereum (ETH) and $10 million for stablecoins like Tether (USDT) and USD Coin (USDC). Boyaa Interactive recognizes the logical fit between Web3 technology and its internet gaming business with this move. 

The upcoming shareholder vote not only impacts the company's financial strategy but also signals a growing acceptance of cryptocurrencies in traditional corporate structures.

In Q3 2023, Boyaa Interactive reported $14 million in revenue and $4.2 million in earnings, with a daily active player base of 1.18 million across its 75 online games, including Texas Hold’em casino.

Hong Kong Retains Top Spot as Most Crypto-Ready Country

A recent study conducted by Forex Suggest has reaffirmed Hong Kong's position as the most crypto-ready country globally. 

Further, the Hong Kong Monetary Authority (HKMA) is set to introduce its second tokenized green bond in the coming weeks to reinforce the city's commitment to digital finance. Utilizing blockchain technology for enhanced efficiency and transparency, the bond is expected to coincide with "Green Finance Week" in February 2024. 

HKMA Chief Executive Yu Weiman revealed the plans, aligning with the government's dedication to green finance and organizing a global climate business forum during the event.

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