Matador Technologies, a Canadian crypto startup, announced on Monday that it will start developing Bitcoin Starting with a $4.5 million purchase later this month as a treasury store.
A little-known company is developing a platform on the Bitcoin network that will one day allow users to buy and trade digital images of gold, he said. press release. The company earlier he said. It is targeting an “early 2025” launch for the said platform.
The company, formerly known as Scaling Capital 1, began trading on the TSX Venture Exchange under the new name last week. Since Matador's debut last Tuesday, the stock price has fallen 35% from a closing price of $0.90 to $0.58 as of this writing.
from software company MicroStrategy He started In the year Buying Bitcoin in 2020 – Raised Over $41 Billion As of This Writing – Major Tech Companies Like Tesla They brought the property on their own scale.
But with companies like Microsoft It is decreasing. To take that path more recently, there are relatively few companies that follow in the footsteps of microstrategy. With a market capitalization of $49.5 million, Matador undoubtedly fits in. That's what he said. group.
Eventually, Matador plans to release a mobile app that will allow users to “buy, sell and store gold 24/7.” press release. But the company said it plans to “build a larger product portfolio” beyond the precious metal. website.
Matador he said. On Monday, the Bitcoin-buying effort was unanimously approved by the company's board of directors. As part of the move, Matador said it would ditch Canada's official currency and shift most of its cash balances to US dollars.
The Canadian company said it has reviewed the platform's feasibility. Ethereum And SolanaBut at the end of the day Bitcoin is chosen as a safe and stable network. Matador added that the physical gold reserves that support the digital representation will be held at the Royal Canadian Mint Corporation, which is owned by the Canadian government.
“Matador's board and management believe we must use Bitcoin to future-proof our currency,” Matador President Sunny Ray said in a statement. “This move supports our mission to use Bitcoin as a platform for our gold-based products.”
Among the firms that have adopted bitcoin this year, Japanese investment firm Metaplanet has built up $164 million in spending since its initial purchase in April. Bitcoin vaults. But there is overlap between Metaplanet and Matador beyond Bitcoin and starting with the letter M.
BTC Inc., parent company Bitcoin magazineIt is known for hosting popular Bitcoin conference lines, but also operates UTXO Management as an investment arm.
Tyler Evans, the company's founder and managing partner, sits on Metaplanet's board of directors. In a press release earlier this month, Matador he said. Evans also serves on the board of directors.
Matador, Evans and Metaplanet did not immediately respond to requests for comment. Decrypt.
Edited by Andrew Hayward.
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