Publicly traded company Allied Gaming & Entertainment announced that it has made an initial investment in Bitcoin and Ethereum cryptocurrencies as part of a new corporate treasury management strategy.
The company said in its announcement that this new investment underscores its “belief in the long-term value of digital assets and their role in shaping the future of blockchain integration within gaming, entertainment and digital content space.”
“We see cryptocurrency not only as a store of value, but also as a strategic building block for the future of our business,” said Mr. Yangyang (James) Li, CEO of AGAE. “Integrating blockchain and digital assets into our ecosystem is a natural progression of our vision to connect people through gaming, entertainment, and innovative financial technologies.”
The company added that this move will also represent a move towards expanding blockchain-based payment options across its IP portfolio including esports events, gaming platforms, and experiential entertainment venues.
AGAE currently operates HyperX Arena in Las Vegas, its mobile esports venues business Allied Esports Truck, an affiliate venues business with members Fortress Melbourne in Australia and Wanyoo in China, and AE Studios in Hamburg, Germany. The company is also currently supporting the World Mahjong Tour (WMT). The company is currently traded on the NASDAQ stock exchange (NASDAQ: AGAE).