EddieJayonCrypto
24 Dec 24
Matador Technologies, a Canadian crypto firm, announced plans to use Bitcoin as a treasury reserve asset with a $4.5 million purchase. The company is developing a platform for trading digital representations of gold on Bitcoin's network. Matador, formerly Scaling Capital 1, recently debuted on the T...
Matador Technologies, a Canadian crypto firm, announced plans to use Bitcoin as a treasury reserve asset with a $4.5 million purchase. The company is developing a platform for trading digital representations of gold on Bitcoin's network.
Matador, formerly Scaling Capital 1, recently debuted on the TSX Venture Exchange, but its stock price has fallen 35%. They plan to release a mobile app for gold trading and aim to expand into other products. Matador's board approved the Bitcoin purchase, and the company will shift its cash balances to the U.S. dollar. The decision to use Bitcoin was based on its secure and stable network. The company plans to hold physical gold reserves at the Royal Canadian Mint.
Matador's president cited future-proofing the treasury and exploring Bitcoin for gold-based products as the rationale for the move. Notably, the Japanese investment firm Metaplanet has also accumulated a significant Bitcoin stash this year. There's a connection between Metaplanet and Matador through common leadership. The companies did not provide immediate comment on the matter.