Report: Razer eyes entry into cryptocurrency space

Details:

• Min-Liang Tan, CEO of the global lifestyle and gaming firm, said in a presentation this week that there’s a nascent opportunity for Razer in the crypto space, given the wide reach of its Razer Fintech unit.
• In a Twitter post, Tan also said it’s unlikely that Razer would issue its own cryptocurrency. However, he did not rule out the idea of Razer accepting cryptocurrencies for hardware and services payments.

Context:

• If Razer’s expansion into crypto pushes through, the Singapore-based firm would be joining a number of mainstream corporations jumping on the trend, such as Elon Musk’s Tesla, DBS Bank, and custodian bank BNY Mellon. However, Musk recently announced that Tesla would stop accepting payments in bitcoin, the most widely accepted digital token.
• The development comes after Razer announced a 10-year sustainability road map, which details the company’s goal of using 100% renewable energy by 2025 and reaching 100% carbon neutrality by 2030. However, cryptocurrency is known to have a large carbon footprint, as leaving computer rigs on for days on end is one of the main techniques for mining crypto.