After a special shareholder meeting, Jang Hyun-guk, who moved from WeMade to Nexxus (formerly known as Action Square) earlier this year, announced plans for the sequential release of cryptocurrency and blockchain games. He stated, “We aim to turn a profit this year in both the gaming and blockchain businesses,” during a shareholder meeting held immediately after the special shareholder meeting at the aT Center in Seocho-gu, Seoul.
Jang noted the ongoing losses at Nexxus, saying, “It’s almost surprising that the company has persisted,” but added, “The accumulated losses are things of the past. We plan to implement various strategies to achieve profitability in the gaming sector this year.” He also anticipated that one game could possibly support multiple simultaneous players. Nexxus shifted to a loss since getting listed on the KOSDAQ market in 2015 and continued to incur losses, posting an operating loss of 16.2 billion won in 2023, and expecting losses last year as well.
Regarding the blockchain business, Jang expressed confidence by stating, “The overall market and industry are not unfavorable to us.” He expects that the release of blockchain games next month will attract significant demand for so-called meme coins and plans to leverage platforms like Telegram and Solar to create points of synergy.
The newly launched cryptocurrency ‘Cross’ plans to establish a foundation in Switzerland, a hub for the cryptocurrency industry, this month to begin token distribution. Jang stated, “We have applied to set up a foundation in Switzerland and are awaiting government approval. Once the establishment is announced, we aim to quickly reveal our token sale plans.” He mentioned the introduction of policies like ‘zero minting,’ ‘zero reserve,’ and ‘zero free-rider,’ which ensure fair reward distribution to contributors while preventing additional token issuance post-initial launch.
Jang also mentioned plans for expansion into the US, saying, “Considering the US is home to the largest transactions and is an enthusiastic country, entering the US market is a necessity, not an option, for a crypto business company. The US will be a crucial hub as we expand our global operations.” He added, “We plan to enter business-friendly states such as Texas or Nevada.”
Furthermore, Nexxus plans to enhance shareholder value by adopting a US-style governance structure where the board of directors leads the company. Jang, currently the second-largest shareholder of Nexxus, stated, “Although I will become the largest shareholder next year, I will not manage the company at will just because of that. We will adopt US-style governance to enhance shareholder value.”