Globant, one of many massive 4 tech companies in Argentina, has quietly made its first foray into the world of cryptocurrency investing, in response to its newest submitting with the SEC. The agency purchased bitcoin through the first three months of this 12 months and is now a part of a choose variety of LATAM unicorns which have taken the strategy of placing a part of its worth in crypto belongings.
Globant invests in cryptocurrencies
Globant, an Argentine-based software program tech big unicorn, has joined a choose group of firms at the moment investing in cryptocurrencies, in response to its newest submitting with the SEC. The corporate, based in 2003, reported shopping for $ 500,000 value of bitcoin (BTC) through the first quarter of 2021 (Q1). A small sum for an organization with a valuation of greater than $ 6.5 billion and listed on the New York Inventory Trade (NYSE).
Globant listed the bitcoin firm as a part of its intangible belongings, saying that bitcoin is:
A cryptocurrency that’s thought-about an indefinite-lived intangible asset as a result of bitcoin has no bodily type and there’s no restrict to its helpful life, bitcoin is just not topic to amortization however is examined for impairment.
The submitting states that Globant purchased the aforementioned worth of bitcoin, however doesn’t specify the quantity of bitcoins that had been purchased or the worth the corporate paid for them. Nonetheless, the presentation clarifies that Globant will acknowledge impairment losses if the worth of the belongings falls beneath the acquisition worth, and the positive factors won’t be recorded till the sale of the asset.
Whereas some US-based firms like Microstrategy and Tesla, and asset managers like Grayscale have been fast to leap on the cryptocurrency bandwagon, their LATAM-based counterparts have taken a extra lukewarm strategy to this new class of cryptocurrency. belongings. This might be associated to how rapidly these firms embrace innovation and the way they handle the stability between danger and alternative as a result of their very own enterprise fashions.
Argentine firms have begun to undertake cryptocurrencies
Nonetheless, Globant is just not the primary Argentine firm that has ventured into cryptocurrencies. Mercadolibre, an e-tailer firm that has a big presence in LATAM, purchased $ 7.eight million in bitcoins this month, declaring it as a part of its treasury technique, which might trace at extra bitcoin purchases sooner or later. Mercadolibre additionally launched an actual property platform that solely accepts bitcoins as fee.
Extra LATAM-based firms, and particularly Argentine ones, are anticipated to undertake cryptocurrencies as a part of their enterprise technique quickly, as a result of devaluation of the nationwide foreign money and the difficulties they face in buying dollars.
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