Following the footstep of Mogo, the Canadian company buying bitcoin for treasury reserves, Nextech AR Solutions announced that they had purchased $2 million in bitcoin. According to the CEO of Nextech AR, Evan Gappelberg, the company plans to purchase more bitcoin in 2021.
NexTech AR is a British Columbia-based AR firm. The company provides virtual reality and augmented reality technologies and services for education, e-Commerce, events, and conferences.
BTC (Bitcoin) is becoming a treasury reserve for many well-known companies, as a large number of companies are joining the trend of investing in bitcoin as a treasury reserve. On 29th December 2020, Nextech AR Solutions made the announcement of the initial purchase of bitcoin.
“Our investment in bitcoin is part of our new capital diversification and allocation strategy with the intent to maximize long-term value for our shareholders. This initial investment reflects our belief that bitcoin is a long-term store of value and an attractive investment asset with more long-term appreciation potential than holding cash, which is currently yielding 0.06%. Bitcoin is a digital version of gold which has a total market capitalization of $10 trillion versus bitcoin’s total market capitalization of only $500 billion.” – Evan Gappelberg, CEO, NexTech AR.
Nextech AR specializes in virtual reality and augmented reality events and conferences for companies and institutions. The company has team members from tech firms like IBM, Oracle, Cisco, and SAP. In 2019, Nextech released its SaaS platform for web augmented reality in e-commerce. The company purchasing $2 million bitcoin is following other large Canadian companies purchasing BTC for treasury reserves.
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