The online gaming company Nexon announced Wednesday that it has bought $100 million worth of Bitcoin, expanding the list of major technology companies that “embrace” digital currency.
Nexon acquired 1.717 Bitcoin at an average price of $58.226 each, including fees and expenses. The market accounts for less than 2% of the company’s total cash and is the largest digital currency market ever conducted by a Tokyo-based trading company, according to the announcement.
“Our bitcoin market reflects our consistent policy of protecting equity while maintaining our purchasing power and cash,” said Owen Mahoney, CEO of Nexon. “In the current economic environment, we believe that Bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”
In recent months, the number of global companies, such as Tesla and Square have bought Bitcoin, while some have begun to accept it as a means of payment. However, despite the fact that companies in Japan had pioneered the initial acceptance of Bitcoin, they have lagged behind in the latest trend of investing cash in cryptocurrency.
Nexon further justified the market by saying that it was trying to protect itself from a possible fall in the value of non-digital currencies in the event of rising inflation, with Mahoney describing Bitcoin as “a form of cash that is likely to retain its value, even if it does not it is still widely recognised. “