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US company will invest 10% of its reserves in BTC and XRP
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North American manufacturer Worksport is the newest institution to include Bitcoin (BTC) in your cash. However, the company decided to go further and include another cryptocurrency, XRP. The two currencies will be part of the company’s asset diversification strategy.
According to the announcement, joint booking will correspond to 10% of the assets that the company uses as treasury. This quantity will have a limit in terms of absolute values and percentage.
In addition to Worksport, Semler Scientific also decided to increase its BTC cash and purchased another 303 units, paying US$29 million. With this, the company’s total cash reached 1,873 BTC. This is the fourth purchase of BTC that the company has made since August, when it began its diversification strategy.
In this first announcement, Worksport, which works in the truck equipment sector, acquired $5 million worth of Bitcoin and XRP. The purchase was approved by the company’s board of directors, which established a limit of 10% of its cash exposure to BTC limited to a maximum of 10% of excess operating cash.
Bitcoin and XRP at the cashier
“Our future adoption of Bitcoin and XRP reflects our commitment to staying ahead of market trends, prioritizing operational efficiency and shareholder value. As we expand our product offerings and global reach, cryptocurrency has the potential to be a strong strategic complement,” said Steven Rossi, CEO of the company.
This movement occurs when the price of Bitcoin reached US$ 100,000 this Thursday (5)indicating that institutions are already starting to want to speed up their purchases. The same happened with XRP, which witnessed 200% gains in the last few days.
Worksport stated that this strategic move aims to not only reinforce the company’s cash flow, but also increase the efficiency of transactions. In line with other companies, she also highlighted the role of cryptocurrencies as a store of value and a hedge against inflation.
In fact, more institutions are starting to follow in MicroStrategy’s footsteps by adopting Bitcoin as an asset on their balance sheet. Michael Saylor’s own company made a purchase of 15,400 BTC for $1.5 billion earlier this month.
Worksport also outlined the key components of the Bitcoin and XRP strategy in the press release. In addition to committing 10% of any excess money to purchase these cryptocurrencies, the company will also accept both as a means of payment for its products.
The company’s customers will be able to pay using BTC or XRP and will have more convenience, Worksport explained. To encourage the use of cryptocurrencies, the company highlighted that transactions made with them can cost up to 37% less than traditional payments via credit card.
US company will invest 10% of its reserves in BTC and XRP
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US company will invest 10% of its reserves in BTC and XRP
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US company will invest 10% of its reserves in BTC and XRP
