While the valuation of 1717 Bitcoins may seem minuscule relative to the multi-trillion dollar gaming industry, this deal could have major effects on the industry. Nexon, which is based in Japan, is one of the largest gaming companies in the world, with revenue of over $1 billion in 2017. The company, which was founded in South Korea, had been planning to accept cryptocurrency payments for its games, but the company said that regulation issues had prevented it from doing so. The purchase of Bitcoins may have provided a way around this problem, as regulation is often much less strict for companies that own the cryptocurrency rather than for those that use it.
As the biggest name in the Asian gaming industry, Japan’s Nexon has been looking to expand to the North American market for a while now. In recent years, they’ve acquired Big Huge Games, the makers of the hit strategy game Rise of Nations ; and this year, the company has stepped up their game by investing $100M in Bitcoin, one of the most popular cryptocurrencies in the world. The company has made it clear their intentions are not to become a miner, but to invest in a technology that may be useful in the future.
In an exciting development for both bitcoin and the entire crypto community, Japanese gaming giant Nexon has invested $100 million in bitcoin. As for the unit price, the maker of online games and the virtual world bought its bitcoins for $58,226 each. Nexon acquired a total of 1,717 bitcoins.
Nexon is a giant in online gaming
As the world leader in online multiplayer games, Nexon currently has more than 10 franchises, each of which has been active for more than 10 years. The company was founded in 1994 and has now been in existence for 21 years. It offers more than 60 different live games. It is present in more than 190 countries. Nexon’s games portfolio includes some of the most popular online games, including MapleStory and Dungeon&Fighter. As an innovative and evolving player in the market, Nexon also offers new additions like MapleStoryM that help expand the horizons of the entire online multiplayer gaming industry.
Nexon’s $100 million investment in bitcoin represents less than 2% of its total cash. Nevertheless, the significance of this investment is that it reflects the growing confidence in the growth of bitcoin around the world. According to Owen Mahoney, Nexon’s current president and CEO, the company’s investment in bitcoin stems from its belief that this digital asset offers long-term stability and liquidity.
Nexon’s high-profile investments in bitcoin are in line with the strategies of many other leading global companies, such as MicroStrategy and Square. While Microstrategy invested $250 million in bitcoins by buying 21,000 BTC, Square invested $50 million. But the biggest investment that made waves in the cryptocurrency market and beyond was Tesla’s $1.5 billion investment in late 2020. Bitcoin Treasuries estimates that at least 35 publicly traded companies currently have bitcoin on their balance sheets.
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