Japanese gaming platform Gumi has expanded its foray into the crypto treasury strategy ecosystem with a $17 million initial splash on XRP.
Summary
- Tokyo-listed Gumi has acquired $17 million of XRP for a treasury bet.
- The video game developer joins a growing list of public companies adding XRP to their balance sheets.
Gumi, a Tokyo-listed video game developer backed by financial services and investment giant SBI, has picked Ripple’s XRP (XRP) for its crypto treasury asset. The company announced on Aug. 29 that it had purchased approximately $17m worth of XRP, beginning its accumulation of the cryptocurrency as a balance sheet asset.
The move, which will see Gumi buy Ripple’s native token over the next several months, adds to the video game developer’s earlier purchase of Bitcoin (BTC). The company bought 80,352 BTC for about $6.7 million earlier this year, with the strategy including staking on platforms such as Babylon.
Investment in XRP as part of Gumi’s crypto strategy aligns with plans to tap into opportunities across the blockchain ecosystem, the company said.
“Through contributing to the expansion of the XRP ecosystem, which plays an important role in the international remittance and liquidity network strategy primarily promoted by SBI Holdings, we aim to expand revenue opportunities in that business,” it said in a post on X.
Everything Blockchain makes XRP move
XRP is among top altcoins that are attracting a lot of attention, with more public companies coming forth with treasury strategy plans.
On Aug. 29, Everything Blockchain joined VivoPower in tapping into Flare Network for its XRP strategy move. Everything Blockchain announced it had sealed a memorandum of understanding with Flare to explore an XRP yield strategy.
VivoPower recently initiated a $100 million XRP deployment via Flare and Everything Blockchain looks to take a similar route into leveraging yield opportunities with the Ripple cryptocurrency.
“This is about unlocking the true financial utility of digital assets like XRP, not just as speculative holdings, but as yield bearing instruments that can compound over time,” said Arthur Rozenberg, chief executive officer of Everything Blockchain. “Flare gives us the rails to do this in a way that meets the governance, security, and auditability standards required of public companies.”
China’s Webus International, Trident Digital and Nature’s Miracle are among companies to recently unveil XRP treasury strategies. These moves come as Ripple, the company behind XRP, looks to expand its global reach following years of constraint amid a legal tussle in the United States.