US Company Puts Bitcoin and Ripple on the Same Level: They Became a Part of the Treasury

4 hours ago

Worksport managed to attract the attention of the cryptocurrency sector by adding Bitcoin and Ripple to its corporate treasury strategy.

Worksport (WKSP), a US-based tonneau cover manufacturer and traded on Nasdaq, reported to the US Securities and Exchange Commission (SEC) that it has included cryptocurrencies in its corporate treasury strategy.

The company has decided to accept Ripple (XRP) in addition to Bitcoin. According to the latest decision by the board of directors, Worksport will be able to purchase up to $5 million in total from these two cryptocurrencies.

The company announced that it will finance this investment with cash from its operational surplus and capital it will raise in the future. In addition to including crypto assets in its treasury strategy, Worksport also announced on its website that it will start accepting payments in cryptocurrencies.

XRP has made an impressive rise in the last month, creating one of the most remarkable crypto stories of the year. XRP has shown an increase performance of up to 3 times in the last 1 month.

Currently on the balance sheets of approximately 60 companies, Bitcoin is heavily preferred, especially by large firms such as MicroStrategy. Led by Michael Saylor, MicroStrategy refuses to turn to alternative cryptocurrencies and insists on the view that Bitcoin is the “best and only option.”

In contrast, Worksport’s preference for relatively lesser-known altcoins such as XRP is a rare approach. Worksport CEO Steven Rossi described Bitcoin and XRP as “inflation-resistant and reliable store of value.”

In addition to the rise in the price of XRP, the fact that multiple spot XRP ETF applications are pending in the US also stands out as a factor that could increase the institutional adoption rate of this altcoin.