announced Gaming giant Nexon today announced a $100 million investment in Bitcoin (BTC).

Nexon Corporation is a South Korean company headquartered in Japan, listed on the Tokyo Stock Exchange under the ticker (TSE: 3659) and specializes in making online games playable on PC or mobile.

1/ Nexon just announced a $100 million purchase of # bitcoin. This is the first large public company in Japan and Korea to purchase cryptocurrency as part of its treasury. This is a really big deal for several reasons.

– Steve Jang (@stevejang) April 28, 2021

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The company has more than 50 hit titles, including MapleStory and Crazyracing Kartrider.

Previously, it was rumored that “Nexon” is among the leading and prominent companies planning to buy the cryptocurrency exchange Bitstamp.

The demand of “Nexon” on Bitcoin:

Nexon said it raised 1,717 bitcoins for nearly $100 million (11.1 billion yen) at an average price of about $58,226 (64,446,183 yen) per bitcoin, including fees and expenses.

The company added that the purchase represented less than 2% of Nexon’s total cash and cash equivalents.

Owen Mahoney, President and CEO of Nexon, explained:

Bitcoin provided long-term stability and liquidity in the current economic environment while preserving the value of the company’s funds for future investments.

Our purchase of Bitcoin reflects a disciplined strategy to protect shareholder value and maintain the purchasing power of our cash assets.

“Nexon” is following in the footsteps of other companies coming to Bitcoin:

The move by Nexon is similar to that of electric car maker Tesla and business analysis firm MicroStrategy last year, both of which invested billions of dollars in Bitcoin.

Read:Bitcoin or Gold…Which is better to store right now?

These companies see traditional instruments like low-yield bonds and cash as not great stores of value anymore, given the rampant printing of money and the coming effects of hyperinflation.

On the other hand, Bitcoin is for them, an asset class that is emerging from its nest with a fixed supply of 21 million that cannot be increased.

Read:Find out the amount of Ethereum deposited in the Ethereum 2.0 deposit contracts!

Meanwhile, Nexon’s move comes amid greater scrutiny of cryptocurrencies in markets such as Japan and South Korea.

Japan is preparing friendly regulations to embrace developments, while South Korea is sending mixed signals.

Several news and rumors emerged about some Korean ministers proposing to shut down non-regulatory cryptocurrency exchanges (more than 200 cryptocurrency exchanges in South Korea), tax traders, and require these ministers to announce capital gains from investments crypto.

Of course, not everyone agrees with these suggestions.

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