Singapore-based Ryde adopts crypto treasury strategy
The carpool and ride-sharing platform, which already accepted Bitcoin for customer payment, moves to crypto treasury despite challenges of price declines.
Ryde Group, a Singapore-based ride-sharing and carpool platform, similar to Uber or Lyft, said Wednesday that it has adopted a crypto treasury strategy for its corporate reserve.
The company said it will invest a portion of its corporate reserves into Bitcoin (BTC), Ether (ETH), and Sol (SOL), with specific allocations and time of purchase to be determined by a governance team at Ryde, according to its announcement.
Ryde cited the “evolving macroeconomic environment” as the reason for adopting a crypto treasury, and said that the option to invest portions of its treasury in digital assets gives the company more flexibility in how it manages its treasury operations.