Different institutions have invested in cryptocurrencies since the market boom that started last year. Tech giant Globant is among the companies that joined the crypto craze.
Current SEC filings indicate that the Argentine company bought Bitcoin worth $500,000. Founded in 2003, the software firm reported its Q1 2021 cryptocurrency investments.
Keep in mind that Globant value over $6.5 billion. Moreover, the firm has listed itself with NYSE (New York Stock Exchange).
The technology company listed BTC as an intangible asset, declaring that the leading crypto coin does not have a physical form. Also, Bitcoin has no limit in terms of usage.
Although the filing indicates that the company invested in BTC, it did not disclose the total bitcoins purchases or the cost of the virtual coins. However, the report shows that the software firms will acknowledge deficiency losses. That is in scenarios where BTC values decline lower than the acquisition price. Moreover, Globant will not record any gains until after asset sale.
While other companies based in the United States like Tesla and Microstrategy were quick to join the cryptocurrency waves, the LATAM-based tech giant took time to add the crypto asset class. Although, keep in mind that Tesla suspended BTC payments months later due to enviro-concerns.
Argentine Firms Embracing Cryptocurrency
Besides Globant, other Argentinian firms have joined crypto waves. If you are a crypto enthusiast, you can find many companies that allow you to make cryptocurrency payments in this nation. A leading Latin American firm Mercadolibre purchased bitcoin worth $7.8 million this month. The company declared Bitcoin investment is among its treasury strategies. It is with no doubt that the e-tailer firm will increase its BTC investments as time proceeds. Moreover, Mercadolibre launched a property platform that accepts BTC payments only.
For now, analysts expect more Argentinian and LATAM-based firms to embrace cryptocurrency in their business strategies. That is because of the challenges the region has to acquire dollars and the national currency devaluation. Keep in mind that 2021 has witnessed more companies adopting cryptocurrencies.
What are your views on Globant’s Bitcoin purchase? Will more Argentine companies follow the path? You can comment on your thoughts below.
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