Worksport Ltd., a Nasdaq-traded firm renowned for manufacturing truck accessories, has declared its intention to incorporate Bitcoin (BTC) and XRP (Ripple) into its corporate treasury. This forms part of a strategy to diversify its financial portfolio.
In a press statement released today, Worksport disclosed plans to apportion up to 10% of its operational cash, approximately $5 million, to digital assets. CEO Steven Rossi stated, “Our forthcoming adoption of Bitcoin and XRP demonstrates our dedication to remaining at the forefront of market trends, with a focus on operational efficiency and enhancing shareholder value.”
The company also announced that it will initiate crypto payments on its e-commerce platform. This move is expected to slash transaction fees by as much as 37% and present customers with a more streamlined payment option.
Furthermore, interest earnings from the company’s savings will be converted into Bitcoin and XRP, as part of a plan to secure future funding for additional acquisitions.
Rossi, who has privately invested in XRP for several years, expressed his confidence in the digital asset during an interview. “XRP has been performing admirably of late, and it reaffirms that these are nascent assets that truly pose a challenge to central banking,” he remarked. Despite some price fluctuations, Rossi is of the opinion that XRP is attaining stability and will yield long-term benefits.
Concurrently, Worksport has exhibited robust financial performance. In the third quarter of 2024, the company generated revenues of around $3.1 million, a staggering 582% increase from the previous year’s figure of $458,433. The adoption of cryptocurrency could potentially contribute to further enhancing this performance in the upcoming year.
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