According to Deep Tide TechFlow, on December 23, the board of directors of Canadian listed technology company Matador Technologies (TSXV: MATA) unanimously approved the inclusion of Bitcoin and US dollar assets in the company's reserve plan. The company will allocate $4.5 million to purchase Bitcoin for the first time in December 2024 and plans to increase reserves through a continuous purchasing program.
This strategic adjustment stems from a prudent assessment of the risks associated with Canadian dollar reserves. Given the Canadian economy's high dependence on oil exports and the potential currency devaluation risks due to the continuous increase in national debt, Matador has decided to shift its reserves from Canadian dollars to US dollars and Bitcoin. The company's president, Sunny Ray, emphasized that this move aims to hedge against the devaluation risks of fiat currency through Bitcoin's value storage properties.
Matador is developing a blockchain-based digital gold platform, with physical gold stored at the Royal Canadian Mint. After evaluating the technical assessments of public chains such as Ethereum and Solana, the company believes that Bitcoin has significant advantages in terms of security, stability, and credibility, making it more suitable as the underlying infrastructure for a digital gold asset platform. The company expects to finalize the technical architecture in the first quarter of 2025 and initiate product testing aimed at specific user groups.
