Matador Technologies, a Canadian blockchain company, has made a big bet on its financial future by adding bitcoin to its corporate treasury. The Board of Directors recently approved a $4.5 million bitcoin purchase, citing Bitcoin’s role as a hedge against economic risks.
Matador Technologies Inc. is a financial technology company active in Canada. The Company is known for its innovations in building products on top of the bitcoin network, and focuses on digitizing real world assets like gold.
This initiative comes on the heels of growing concerns about the Canadian economy and the Canadian dollar (CAD). Canada, an oil exporting nation, has a growing national debt which could lead to devaluation and reduced purchasing power for assets denominated in CAD.
Matador’s President, Sunny Ray, says:
“Matador’s Board and management believe in using Bitcoin to future-proof our treasury. This step also supports our mission to explore using Bitcoin as a platform for our gold-based products.”
To mitigate these risks Matador will be moving most of its cash reserves from CAD to United States dollar (USD) and bitcoin. Matador believes Bitcoin’s deep liquidity, security and growing institutional adoption makes it a great store of value in uncertain economic times.
