Matador Technologies: Canadian Firm Adopts Bitcoin

A Canadian cryptocurrency company, Matador Technologies announced it would start using Bitcoin as a treasury reserve asset, beginning with a $4.05 million acquisition later this month.

Matador announced the company board unanimously approved the directors’ efforts to purchase Bitcoin. Matador announced that it would move most of its cash balances to the American dollar. in the interim while eschewing Canada’s official currency.

The Canadian company claimed that after evaluating the feasibility of its platform on Ethereum and Solana, Bitcoin was ultimately selected due to its safe and reliable network

Matador further stated that the Royal Canadian Mint, a company wholly owned by the Canadian government, will hold the physical gold reserves that underpin its digital representations.

A press release claims that the little-known business has been working on a platform allowing users to buy and sell digital gold on top of the Bitcoin network. The company previously stated that it plans to launch the platform in “early 2025.”. The company, formerly called Scaling Capital started trading under its new name on the TSX Venture Exchange.

Global companies like Tesla have added Bitcoin to their balance sheets since 2020, when software company MicroStrategy started buying the cryptocurrency, eventually accumulating more than $40 billion worth of Bitcoin

However, many businesses that have followed in MicroStrategy’s footsteps have been relatively small, as companies such as Microsoft have recently declined to take that route. Matador certainly falls into that category with a market valuation of $49.5 million. According to a press release, Matador eventually intends to release a mobile application that allows users to “buy, sell, and store gold 24/7.”.

However, the company’s website states its intentions to “build a significant portfolio of products” outside the precious metal.

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Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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