- Boyaa Interactive, a Hong Kong gaming company, announced plans to buy $100 million worth of cryptocurrencies including Bitcoin, Ether, USDT, and USDC to advance its Web3 and blockchain gaming efforts.
- The purchase plans highlight the rising profile of Hong Kong as a crypto-friendly jurisdiction, in contrast to mainland China’s crypto ban. Hong Kong aims to position itself as a digital asset hub.
- Boyaa’s $100 million crypto acquisition demonstrates growing corporate adoption of digital assets in Hong Kong, as the city approves bitcoin and ether ETFs and encourages crypto financial innovation.
Hong Kong-based gaming company Boyaa Interactive has announced plans to purchase $100 million worth of cryptocurrencies including Bitcoin, Ether, Tether’s USDT stablecoin, and Circle’s USDC stablecoin. The company says the purchases will help boost its efforts in Web3 and blockchain gaming.
Boyaa’s Crypto Purchase Plans
Boyaa Interactive revealed its plans in a filing with the Hong Kong Stock Exchange. The company said it intends to use its own funds of up to HK$780 million ($100 million) over the next 12 months to acquire Bitcoin, Ether, USDT, and USDC.
Boyaa stated that the crypto asset purchases will expand the company’s Web3 ecosystem and advance its blockchain gaming capabilities. The company believes the acquisitions will strengthen its leading position in board and card games.
Hong Kong’s Rising Crypto Profile
Boyaa’s plans highlight the rising profile of Hong Kong as a digital asset hub. The city has sought to position itself as a crypto-friendly jurisdiction, in contrast to mainland China which has banned crypto trading and mining.
Hong Kong is home to one of Asia’s largest crypto exchanges, Crypto.com. Billionaire Richard Li’s FWD Group launched a crypto trading platform in Hong Kong last year. Major global crypto companies like Binance have also established significant presences in Hong Kong.
In May 2022, Hong Kong’s securities regulator approved the city’s first bitcoin and ether exchange-traded funds (ETFs). Regulators emphasized that the ETF approvals did not equate to legalization of cryptos in Hong Kong. However, the moves did signify Hong Kong’s interest in encouraging crypto financial innovation.
Boyaa Interactive’s $100 million crypto acquisition plans demonstrate growing corporate adoption of digital assets in Hong Kong. The recent launch of bitcoin and ether ETFs in the city also highlights rising crypto acceptance. As Hong Kong aims to become a digital asset leader, more companies based in the city are likely to add cryptos to their balance sheets. Boyaa’s big bet on Bitcoin, Ether, USDT, and USDC underscores this accelerating trend.