Just In: Worksport To Adopt Bitcoin And XRP For Corporate Treasury

US-based manufacturer Worksport is the latest institution to jump on the crypto wave. The company announced that it will adopt Bitcoin and XRP for its corporate treasury and further revealed how many coins it intends to purchase to begin this crypto strategy.

In a press release, Worksport announced its plans to adopt Bitcoin and XRP, marking a significant advancement in its corporate treasury strategy. To kickstart this crypto strategy, the company’s Board of Directors has approved the purchase of up to $5 million in Bitcoin and XRP, limited to a maximum of 10% of excess operational cash.

This move comes as the Bitcoin price hit $100,000 today, indicating that institutions are already beginning to feel some FOMO as the flagship crypto continues to rally. XRP has also enjoyed a recent rally, recording up to 200% gains in this process.

Worksport stated that this strategic move is intended to enhance transaction efficiency. The company further remarked that it underscores its long-term belief in cryptocurrencies as a store of value and a hedge against inflation, aligning with the growing global acceptance and institutional adoption.

Indeed, more institutions are beginning to follow in MicroStrategy’s footsteps as they adopt Bitcoin as an asset on their balance sheet. MicroStrategy is also not relenting in its effort to acquire more BTC, as the software company recently acquired 15,400 BTC for $1.5 billion.

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