Prominent Hong Kong-based e-gaming player – Boyaa Interactive International Limited – announced that its board of directors has approved a budget of $5 million to purchase cryptocurrencies.
Informing the company’s shareholders and future potential investors, Boyaa said it will buy mainly Bitcoin (BTC) and Ether (ETH) on regulated and licensed trading platforms in the coming year.
- The purchases will be financed using cash reserves derived from the Group activities both in Hong Kong and internationally and will be executed at its discretion, taking into account the current market conditions. The Group essentially consists of Boyaa Interactive Limited and its subsidiaries.
- According to the official press release, the move aligns with the intention of shaping Boyaa’s future business strategy within the Web3 space.
- Despite earmarking the $5 million budget for cryptocurrency purchases, the company reminded its investors and shareholders that the digital asset market is volatile in the near term.
- Boyaa also advised them to exercise caution while dealing with its shares.
“The Company will strictly comply with the relevant management and control policies on cryptocurrencies in relevant jurisdictions with regard to the purchases of cryptocurrencies.”
- Boyaa Interactive is an established developer and operator of chess and card games in Hong Kong.
- The latest allocation depicted the increasing inclination to venture into Web3 in the city-state owing to favorable policies fostering the digital asset sector.
- Hong Kong has demonstrated serious commitment to advancing Web3 prompting more than 150 such firms to establish operations in Cyberport – a digital hub launched by the government to promote innovation.