Matador Technologies, a publicly traded company based in Toronto, has decided to add $4.5 million worth of Bitcoin to its corporate treasury. This decision was reached after all board members agreed to diversify their financial reserves.
In the press release, the company cited concerns about how stable the Canadian dollar is because Canada depends on oil exports and has a growing national debt. To deal with these problems, Matador is moving most of its cash reserves from Canadian dollars to U.S. dollars.
“Matador’s Board and management believe in using Bitcoin to future-proof our treasury,” said Sunny Ray, the company’s President. The company plans on buying bitcoin at the end of the month and might consider more investment options later.
But Matador’s plans don’t stop there. The firm is currently developing a digital gold platform that will allow its users to buy, trade, and store digital versions of gold. This is backed by actual gold held at the Royal Canadian Mint. CEO Deven Soni explained that Bitcoin’s trust and stability make it the perfect foundation for this new project.
Meanwhile, La Rosa Holdings, a real estate company with offices across the U.S. and Puerto Rico, is also bringing Bitcoin to its agents. According to the press release, agents can now choose to receive their commissions in Bitcoin and other cryptocurrencies. This move is part of their goal to modernize how real estate transactions work.
“Our intention to introduce cryptocurrency payments represents a natural evolution in our commitment to innovation,” said Alex Santos, La Rosa’s Chief Technology Officer. CEO Joe La Rosa added that crypto payments are faster, more secure, and could even help agents grow their earnings as digital assets increase in value.
To make this happen, La Rosa will charge a 2% fee for agents who opt for cryptocurrency payouts, creating a potential new revenue stream for the company.
These two companies are just one of the many firms that are joining the trend of adopting Bitcoin as an asset and a means of payment. Leading to this movement, companies like MicroStrategy started hoarding large sums of Bitcoin to save themselves from the dollar’s falling value and other world currencies.
Also Read: MicroStrategy Stock Surges over 400% with Bold Bitcoin Strategy
