Razer, a leading gaming hardware producer, is looking to further diversify its operations by offering cryptocurrency-related services.
Min-Liang Tan, CEO at Razer, a global lifestyle and gaming company, noted during a presentation that there’s a good opportunity for the firm in the crypto-asset industry because of the wide reach of its Razer Fintech division.
Tan clarified that Razer was not really planning to offer its own digital currency. But he did not completely rule out the idea of Razer taking virtual currencies as payment for hardware and related services.
If Razer does actually expand its business to include crypto-assets, then the Singapore-headquartered company may be joining many other mainstream service providers like billionaire Elon Musk’s Tesla, DBS Bank, and custodian banking institution BNY Mellon.
Notably, Razer recently unveiled a 10-year sustainability roadmap, which reveals the firm’s goal of using 100% renewable energy within 5 years from now. Razer says it wants to achieve 100% carbon neutrality by 2030.
But cryptocurrencies like Bitcoin (BTC) are known for consuming large amounts of electricity (and potentially fossil fuels) and may be bad for the environment. It’s also worth noting, however, that several reports have revealed that Bitcoin mining mostly uses renewable energy.
As covered in April 2021, Razer reported that it has managed to successfully diversify its business operations during the past few years.
Razer CEO and Co-founder Min-Liang Tan first launched the company in 2005 with the goal to develop a computer mouse that would be ideal for avid gamers. Since that time, Razer has been involved in many other initiatives. The company’s most recent financial results (from last year) reveal that it had a record year, despite the challenges due to the Coronavirus pandemic.
Razer reports that for the very first time since it began offering services, the company recorded more than $1 billion in turnover, while also netting its first annual profit.
Razer has been successful because of its hardware-focused services. The company has a large user base and market for its controllers, headsets, keyboards, and laptop computers. However, Razor may also be generating substantial revenue from its Fintech business.
So if Razer decides to add cryptocurrency-related products, it may be able to market them to its rapidly growing user base which may already be quite tech-savvy and ready to transact with Bitcoin, Ethereum, or other digital assets.