Japanese gaming giant Gumi picks XRP for treasury strategy

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. 

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.

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.