Skip to main content

Japan’s Gaming Giant Nexon Buys 1,717 Bitcoins — Company Says BTC ‘Offers Long-Term Stability and Liquidity’

Japan's Gaming Giant Nexon Buys 1,717 Bitcoins — Says BTC 'Offers Long-Term Stability and Liquidity'

Japanese gaming firm Nexon has purchased 1,717 bitcoins for approximately $100 million. The company believes “bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”

Japan’s Nexon Buys Bitcoin

Major gaming company Nexon Co. Ltd. announced Wednesday that it has purchased 1,717 bitcoins for approximately $100 million (¥11.1 billion) at an average price of approximately $58,226 per bitcoin, inclusive of fees and expenses. The Tokyo stock exchange-listed company noted:

This purchase represents less than 2% of Nexon’s total cash and cash equivalents on hand.

Founded in 1994, Nexon describes itself as “a global leader in multiplayer online games.” With more than 10 franchises, the Tokyo-headquartered company currently has more than 60 live games, operated in more than 190 countries. Nexon’s iconic games include Maplestory and Dungeon Fighter.

Nexon CEO Owen Mahoney explained, “Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” elaborating:

In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.

Nexon joins a growing list of publicly listed corporations that have added bitcoin to their balance sheets, including Elon Musk’s Tesla, Jack Dorsey’s Square, Microstrategy, and Chinese tech firm Meitu.

What do you think about Nexon investing $100 million in bitcoin? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3nCd13m
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more