[Pangyo Tech] Bitcoin Exceeded 65 Million Won... Nexon Sighs in Relief

    LOS ANGELES, CA, November 01, 2021 /24-7PressRelease/ -- Game company Nexon that had lost several billion won from bitcoin investment is about to break even. Cryptocurrencies is on recovery.

According to UPbit on Oct. 8, bitcoin is hovering around 65 million won as of 2 p.m. It is the first time in five months that it reached the 65 million won level.

Nexon's Japanese subsidiary invested about $100 million (113 billion won) in bitcoin on April 28. The average purchase price was $58,226 (about 65.8 million won), and the number of purchases was 1717.

Since then, the downtrend continued, and at one time, the valuation went down to about 40% of the principal.

However, the situation has been reversed as the heads of the US financial and monetary authorities have taken a favorable stance on cryptocurrencies.

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler made a statement at the U.S. House Committee on Financial Services hearing on Oct. 5 (local time) that the SEC has no plans to ban cryptocurrencies.

Jerome Powell, Chair of the Federal Reserve of the United States, also said earlier this month that he had no intention of banning cryptocurrencies, including stablecoins.

At the time of bitcoin investment, Nexon said, "We plan to keep bitcoin as a cash asset that can be held for the long term and as a major means of capital allocation strategy."

Pangyo Technovalley is an innovation hub for global companies comparable to the Silicon Valley in the US, Zhongguancun in China, and STATION F in France. It is an Asia tech hub with 1,259 IT, BT, CT, and NT companies that possess innovative products and technologies. Located just south of the metropolitan area, it provides the best environment for Korean companies to do business with great transportation access and infrastructure.

Various high-tech companies are located in Pangyo Technovalley, and it is occupied by 64,000 full-time employees, many in their 20-30s. In terms of industry, the companies are engaged in information technology, contents technology, biotechnology, and nanotechnology.

With the support of innovative companies with global capabilities such as Kakao, Naver, AhnLab, Krafton, NCSoft, Nexon, and Hancom, companies in Pangyo Technovalley recorded 107 trillion won in sales last year. Investment and infrastructure growth in Pangyo is expected to continue, with the Metaverse hub entering Pangyo this year.

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