Boyaa Receives Approval for $100 Million Cryptocurrency Purchase to Boost Web3 Strategy

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Boyaa Receives Approval for 0 Million Cryptocurrency Purchase to Boost Web3 Strategy

Published: December 22, 2023 at 11:59 am Updated: December 22, 2023 at 11:59 am

Edited and fact-checked:
December 22, 2023 at 11:59 am

In Brief

Boyaa Interactive International received shareholder approval to buy $100 million worth of cryptocurrencies within a 12-month period.

Hong Kong Gaming Firm Boyaa Receives Approval for $100 Million Cryptocurrency Purchase to Boost Web3 Strategy

Chinese gaming company Boyaa Interactive International received shareholder approval to authorize its board of directors to purchase $100 million worth of cryptocurrencies within a 12-month period.

Boyaa Interactive plans to primarily acquire Bitcoin and Ethereum under this authorization, allocating $45 million to each, and an additional $10 million to Tether and USD Coin. The company intends to fund these purchases with cash, and the transactions are subject to market conditions.

The $100 million crypto acquisition represents approximately 38% of the company’s total assets.

This move is seen as pivotal for the company’s business layout and development in the Web3 field. The online gaming business aligns well with Web3 technology, and the company’s emphasis on communities, users and virtual assets may facilitate a broader and smoother application of Web3 technology in the online gaming industry.

Hong Kong’s Ascent in Cryptocurrency and Web3 Sectors

Boyaa’s digital asset plan reflects Hong Kong’s growing ambition as a global hub for cryptocurrency and Web3 sectors. The city is actively developing its regulatory landscape to accommodate the evolving digital asset industry.

Earlier this year, Hong Kong authorities implemented a cryptocurrency licensing regime for virtual asset trading platforms, opening the door for cryptocurrency trading platforms to serve retail customers. OSL and HashKey Exchange became the first exchanges to provide services in the city.

In a recent development, The Hong Kong Securities and Futures Commission and Hong Kong Monetary Authority announced their readiness to accept applications for the authorization of cryptocurrency ETFs and virtual asset spot ETFs, highlighting the regulators’ progressive stance toward digital assets.

Boyaa’s recent entry into digital assets reflects Hong Kong’s strategic shift, positioning itself as an emerging global hub for cryptocurrency and Web3 innovation.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and engagement with scientific writing.