The Chinese crypto space is somewhat of a different world to that of the West, however when it comes to pure on-chain matters, borders cease to exist.
This is probably the philosophy Bitcoin (BTC) maxis in the West will adopt come news of China’s largest board and card game company Boyaa plans to acquire $100 million worth of Bitcoin, Ethereum, and other leading stablecoins.
Per the official announcement - which came via a filing with the Hong Kong Stock Exchange - Boyaa (officially known as Boyaa Interactive) is set to make the purchases over the next 12 months via HashKey Exchange (one of the few licensed crypto entities to be registered under the Hong Kong Securities and Futures Commission).
Per further words that outline its rationale, the investment move also abides by the company’s stance that cryptocurrencies are an “important part of the group’s asset allocation strategy.”
As ever, the director-proposed purchases will take place come approval from the company’s shareholders - i.e. the people that oversee the company’s digital and IRL gaming empire (which includes 1+ million user mobile game ‘Boyaa Texas Poker’).
Like many other companies that previously resided on the periphery of the DeFi space, Boyaa will use the mass investment as an entry point into digital asset antics. That being said, it’s already delved into crypto back in August of this year, by way of a smaller $5 million investment in both Bitcoin and Ethereum.
With ‘prior shareholder approval for each purchase’ needed, it’s reported that two $45 million lump sums will be allocated for Bitcoin and Ethereum purchases, with another $10 million to be used for purchases of stablecoins Tether (USDT) and USD Coin (USDC).
Although the news comes alongside fellow Chinese tech outfit ‘Meitu’ stating that it will sell-off its crypto assets ‘at the appropriate time,’ such bullish move from Boyaa is indicative that major players in the Chinese economy are still - or perhaps becoming - increasingly open to diversifying their portfolios by way of DeFi.
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This article is intended for educational purposes and is not financial advice.