Although China maintains its prohibitive stance towards Bitcoin and cryptocurrencies, crypto adoption continues to increase.
At this point, Boyaa Interactive, one of China's largest gaming companies and also traded on the Hong Kong stock exchange, made an official statement that it plans to invest in cryptocurrencies, especially Bitcoin (BTC) and Ethereum (ETH), provided that it does not exceed 100 million dollars within a year. announced.
This move by Boyaa Interactive was considered as a bullish indicator that institutional investors are increasingly interested in investing in digital assets and for the cryptocurrency market.
In the statement, the company stated that the cryptocurrencies it plans to purchase are BTC, ETH, USDT and USDC and said:
“The types of cryptocurrencies that can be purchased must meet the needs of the company's business development strategy and asset allocation strategy, and must be evaluated and approved by the company's virtual asset management and risk control department.
The cryptocurrency to be purchased based on the purchase authorization must be a cryptocurrency issued by the Board of Directors, with good market liquidity, large market capitalization, widely recognized by the market, and relatively long-term holding value.
The cryptocurrencies that the group plans to purchase within the scope of its purchasing authority will mainly be Bitcoin (BTC) and Ethereum (ETH).
Currently, approximately $45 million each is expected to be used to purchase Bitcoin (BTC) and Ethereum (ETH), and no more than $10 million is expected to be used to purchase Tether (USDT) and US Dollar Coin (USDC).”
In its statement in August, the company stated that they allocated a budget of 5 million dollars for cryptocurrency investments. But the company is getting more involved in crypto adoption, stating in a statement today that it is allocating more funds for cryptocurrency purchases.
*This is not investment advice.
