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Home Cryptocurrency Bitcoin

rewrite this title with good SEO Canadian RWA Tokenization Firm Matador Technologies Adds Bitcoin To Its Treasury

Ruholamin Haqshanas by Ruholamin Haqshanas
December 25, 2024
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rewrite this title with good SEO Canadian RWA Tokenization Firm Matador Technologies Adds Bitcoin To Its Treasury
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Matador Technologies, a Canadian real-world asset tokenization firm, has announced plans to incorporate Bitcoin into its treasury. The decision, approved unanimously by the company’s board, aims to bolster long-term capital preservation, according to a recent statement.

The firm plans to allocate $4.5 million into Bitcoin this month as part of an initial investment, with additional purchases to be considered through measured buying programs.

Alongside Bitcoin, Matador intends to convert the majority of its cash reserves from Canadian dollars to US dollars, citing concerns over Canada’s economic vulnerabilities.

EXPLORE: 10 Best Decentralized Exchanges for September 2024 

Matador Taps Bitcoin to Future-Proof its Treasury

Sunny Ray, Matador’s president, emphasized the move as a way to “future-proof” the company’s treasury while aligning with its mission to develop blockchain-based gold products.

“Matador’s Board and management believe in using Bitcoin to future-proof our treasury. This step also supports our mission to explore using Bitcoin as a platform for our gold-based products.”

Matador’s Bitcoin treasury is expected to support the launch of its digital gold platform next year. This innovative platform will allow users to buy, trade, and store tokenized gold backed by physical reserves.

Matador joins a growing list of companies leveraging Bitcoin as a strategic reserve. Earlier in December, biopharmaceutical firm Quantum BioPharma disclosed a $1 million Bitcoin purchase to diversify its treasury.

JUST IN: Publicly traded Matador Technologies Inc. approves to purchase $4.5 million #bitcoin as a strategic reserve asset. pic.twitter.com/WzlGTgwjG7

— Bitcoin Magazine (@BitcoinMagazine) December 23, 2024

Similarly, Canadian wellness company Jiva Technologies and video-sharing platform Rumble recently approved plans to allocate significant portions of their cash reserves to Bitcoin.

“For Matador’s focus on creating a product that exemplifies trust, permanence, and value, we expect Bitcoin to be the platform of choice,” said Deven Soni, CEO and Chairman of Matador.

EXPLORE: Best Bitcoin Mining Pools in 2024

US States Consider Adding Bitcoin To Reserves

Ohio has become the latest US state to consider adding Bitcoin to its treasury reserves, following the introduction of a new bill by House Republican leader Derek Merrin.

The initiative mirrors recent moves by Texas and Pennsylvania to establish Bitcoin reserves.

On 12 December 2024, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, which proposes that the state comptroller hold Bitcoin as a reserve asset for at least five years.

Pennsylvania took a similar step in November, with Representative Mike Cabell proposing a bill to allow its treasury to allocate up to 10% of its balance sheet in Bitcoin, citing the asset’s potential to hedge against economic uncertainty.

The growing momentum around state-level Bitcoin reserve initiatives comes amid renewed interest in the idea of a federal Bitcoin reserve, a concept floated by former President Donald Trump following his re-election campaign.

Just recently, Trump hinted at plans for a US Bitcoin strategic reserve akin to the nation’s strategic oil reserve. Speaking to CNBC, Trump declared, “We’re going to do something great with crypto because we don’t want China or anybody else – not just China but others are embracing it – and we want to be the head.”

EXPLORE: 20 New Crypto Coins to Invest in 2024

The post Canadian RWA Tokenization Firm Matador Technologies Adds Bitcoin To Its Treasury appeared first on 99Bitcoins.

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