Globant, one of many massive 4 tech companies in Argentina, has quietly made its first foray into the world of cryptocurrency investing, in line with its newest submitting to the SEC. The agency purchased bitcoin in the course of the first three months of this yr, and is now a part of a choose variety of LATAM unicorns which have taken the method of placing a few of its worth in crypto belongings.
Globant Invests in Cryptocurrency
Globant, a software program tech large unicorn primarily based in Argentina, has joined a choose group of corporations which are at the moment invested in cryptocurrencies, in line with its newest filing to the SEC. The corporate, based in 2003, reported the acquisition of $500,000 in bitcoin (BTC) in the course of the first quarter of 2021 (Q1). A small sum for a corporation with a valuation of greater than $6.5 billion and listed on the New York Inventory Alternate (NYSE).
Globant listed the bitcoin firm as a part of its intangible belongings, saying bitcoin is:
A cryptocurrency that’s thought-about to be an indefinite-lived intangible asset as a result of bitcoin lacks bodily kind and there’s no restrict to its helpful life, bitcoin is just not topic to amortization however it’s examined for impairment.
The submitting states Globant bought the aforementioned value of bitcoin, however doesn’t specify the variety of bitcoins that have been bought or the value the corporate paid for them. Nonetheless, the submitting does make clear that Globant will acknowledge impairment losses if the value of the belongings falls behind the value of acquisition, and beneficial properties is not going to be recorded till the sale of the asset.
Whereas some USA-based corporations like Microstrategy and Tesla, and asset managers like Grayscale have been fast to leap into the cryptocurrency bandwagon, its LATAM-based counterparts have had a extra tepid method to this new asset class. This is likely to be associated to how shortly these corporations embrace innovation and the way they handle the chance vs alternative steadiness because of their very own enterprise fashions.
Argentinian Firms Have Began to Embrace Crypto
Nonetheless, Globant is just not the primary Argentinian firm that has made inroads with cryptocurrency. Mercadolibre, an e-tailer firm that has a giant footprint in LATAM, bought $7.8 million in bitcoin this month, declaring it as a part of their treasury technique, doubtlessly hinting at extra bitcoin purchases down the street. Mercadolibre additionally launched an actual property platform that solely accepts bitcoin as fee.
Extra LATAM-based corporations, and particularly Argentinian ones, are anticipated to embrace crypto as a part of their enterprise technique quickly, as a result of devaluation of the nationwide forex and the difficulties that they face in buying {dollars}.
What do you consider Globant’s buy of cryptocurrencies? Inform us within the feedback part under.
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