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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.
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. Ryde’s crypto assets will be held with a third-party custodian, and the company has established an investment committee responsible for portfolio management and a separate risk management committee responsible for investment safety and regulatory compliance. The company’s NYSE American-traded shares were down more than 13% in early afternoon trading on Thursday, trimming their year-to-date increase of more than 122%, according to Yahoo Finance.Cointelegraph reached out to Ryde about its crypto treasury, but did not receive a response by the time of publication. for users in 2020, and later expanded support to include some altcoins. However, it is unclear if Ryde still accepts crypto as an in-app payment method. Users were able to convert accepted cryptocurrencies to Ryde tokens via the RydePay wallet to pay for services on the platform.multiple net asset value collapseDuring the same month, the board of directors for GD Culture Group , a publicly listed holding company focused on digital marketing and AI, authorized the company toat the time of this writing, as the price of Ether sits well below BitMine’s average acquisition price of about $3,753Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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