Interest in the cryptocurrency market continues to grow in the corporate sector. Linekong Interactive, a gaming and film production company based in Beijing and listed on the Hong Kong Stock Exchange (HKEX), has announced that it has allocated $15 million in funds to invest in projects built on the Bitcoin network.
Notable Step from Linekong
Wang Fang, the founder of Linekong, announced that the fund called BTC Next, which was shared on X on November 8, will be used to accelerate processes in projects in various areas including asset protocols, trading markets, market expansion, NFT, and GameFi sectors in the Bitcoin ecosystem.
Regarding this step, the company will invest in existing protocols on the Bitcoin network as much as possible, present their investment portfolios to the public, and update their cryptocurrency portfolios in the Bitcoin ecosystem. Bitcoin, at its inception, lacked the development associated with newer blockchain ecosystems like Ethereum and has largely remained unchanged since its emergence in 2008.
With this development, the groundwork has been largely laid in the Bitcoin ecosystem this year for the release of NFT and token projects on the Bitcoin blockchain network using two new data storage methods called Ordinals and Inscriptions.
In June, BitKeep (now Bitget Wallet), a cross-chain Web3 wallet, added support for depositing and withdrawing BRC-20 Bitcoin tokens modeled on the Ethereum ERC-20 standard. On November 7, Binance listed the popular BRC-20 token, Ordinals (ORDI), causing its value to increase by more than 40% in just one day. Since their release, the total market value of BRC-20 tokens has reached $1.36 billion.
How Did the Web3 Integration Process Begin?
Linekong Interactive, initially launched as an online gaming company in Beijing in 2007, went public in Hong Kong in 2014. Before founding Linekong, Wang Feng served as the Vice President of Software Development at Kingsoft Software, a Chinese IT company.
In 2018, Feng resigned as CEO of Linekong to focus on blockchain technology and worked on various projects in the NFT sector, decentralized finance, and Bitcoin mining. After receiving an invitation from the company’s board of directors to better integrate Linekong products with Web3, Feng returned as CEO of Linekong in 2022.
