Worksport is planning to adopt Bitcoin (BTC) and XRP (Ripple) to align with growing global trends in institutional cryptocurrency adoption. The company is preparing to update investors on its holiday sales trends in the coming days, pending the launch of a portable power system and solar truck cover,
In a press statement released on December 5, the US-based manufacturer announced its plan to purchase up to $5 million in Bitcoin and XRP, with a strict cap of 10% of excess operational cash for these cryptocurrency acquisitions.
Worksport will begin accepting crypto payments on its e-commerce platform, expanding payment options for customers and increasing convenience. The company highlighted that cryptocurrency transactions could reduce transaction processing fees by up to 37%.
Energy solutions company unveils crypto buying strategy
Worksport’s newly adopted cryptocurrency strategy includes several key components designed to integrate digital assets into the company’s operations and financial framework.
First, the company plans to allocate up to 10% of any excess operational cash toward purchasing Bitcoin and XRP. This strategy allows Worksport to diversify its treasury while maintaining financial stability.
The manufacturer is seemingly looking for more ways to enhance customer convenience by expanding payment options but is also expected to reduce transaction processing fees. It also aims to convert interest earnings from cash held in money market accounts into Bitcoin and XRP.
CEO Steven Rossi shared his thoughts on the company’s adoption of cryptocurrencies. He stated, “Our upcoming adoption of Bitcoin and XRP reflects our commitment to staying ahead of market trends while prioritizing operational efficiency and shareholder value. As we expand our product offerings and global reach, cryptocurrency has the potential to be a strong strategic complement.”
Bitcoin surge to fuel institutional crypto adoption
Worksport’s crypto adoption announcement comes after Bitcoin managed to surpass the $100,000 mark amid the ongoing crypto market bull run. The king crypto by market cap is currently changing hands at values slightly over $101,000, an increase of 5.3% in the last 24 hours, per the latest statistics from Coingecko.
Analysts believe the coin could be pushing towards the $105K level. The bullish momentum also signals a potential run toward the $120K region in the short term, as the overall market structure remains strong.
Bitcoin’s daily chart indicates a continued upward trend, reflecting growing investor confidence in the cryptocurrency’s long-term value. However, the Relative Strength Index has entered the overbought region once again, suggesting that Bitcoin may be reaching short-term exhaustion.
Additionally, the 200-day moving average, which currently sits near the $70K level, lags behind the current price. This combination of factors suggests the possibility of a price correction in the near future, which could offer a buying opportunity for those looking to enter at a lower price point.
Major financial institutions and corporate investors have been progressively adding Bitcoin to their portfolios. Companies like Tesla, MicroStrategy, and Galaxy Digital have been prominent buyers, recognizing the digital asset’s potential as a safeguard against economic uncertainty.
XRP price drops as Ripple’s stablecoin launch looms
Contrary to BTC’s price upward trajectory, XRP has witnessed a downturn in the last 24 hours, dropping 8% to trade at $2.34 at press time, per Coingecko data. The coin’s downward movement is part of a broader correction that began on December 3, which has seen the digital asset lose 25% of its value from a multi-year high of $2.90.
XRP’s RSI has shown a clear shift, dropping from overbought conditions of 82 to 52 between December 3 and December 5. This shift indicates weakening momentum and suggests the potential for further downside if the RSI continues to decline. Should this downward trend persist, the chances of a deeper pullback increase, potentially pushing XRP toward key support levels.
Meanwhile, the coin’s developer, Ripple Labs, is preparing to launch its United States dollar-pegged stablecoin, Ripple USD (RLUSD), pending the approval of financial regulator New York State Department of Financial Services (NYDFS).
The technology company initially set the launch date to December 4 but later announced it had been postponed through its official X account.
In the post, Ripple stated it is focused on launching RLUSD under the oversight of NYDFS and will maintain the “highest regulatory standards.”
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