Q1 SEC Filing Shows Argentinian Tech Giant Globant Invested in Bitcoin – Bitcoin News

Q1 SEC Filing Shows Argentinian Tech Giant Globant Invested in Bitcoin – Bitcoin News

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May 29, 2021 by admin
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Globant, one of many huge 4 tech companies in Argentina, has quietly made its first foray into the world of cryptocurrency investing, in keeping with its newest submitting to 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
Q1 SEC Filing Shows Argentinian Tech Giant Globant Invested in Bitcoin

Globant, one of many huge 4 tech companies in Argentina, has quietly made its first foray into the world of cryptocurrency investing, in keeping with its newest submitting to 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 few of its worth in crypto property.

Globant Invests in Cryptocurrency

Globant, a software program tech large unicorn based mostly in Argentina, has joined a choose group of firms which might be at present invested in cryptocurrencies, in keeping with its newest filing to the SEC. The corporate, based in 2003, reported the acquisition of $500,000 in bitcoin (BTC) through 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 Trade (NYSE).

Globant listed the bitcoin firm as a part of its intangible property, saying bitcoin is:

A cryptocurrency that’s thought of 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. Nevertheless, the submitting does make clear that Globant will acknowledge impairment losses if the value of the property falls behind the value of acquisition, and beneficial properties won’t be recorded till the sale of the asset.

Whereas some USA-based firms 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 strategy to this new asset class. This may be associated to how shortly these firms embrace innovation and the way they handle the chance vs alternative stability attributable to their very own enterprise fashions.

Argentinian Corporations Have Began to Embrace Crypto

Nevertheless, 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, purchased $7.8 million in bitcoin this month, declaring it as a part of their treasury technique, probably hinting at extra bitcoin purchases down the street. Mercadolibre additionally launched an actual property platform that solely accepts bitcoin as cost.

Extra LATAM-based firms, and particularly Argentinian ones, are anticipated to embrace crypto as a part of their enterprise technique quickly, because of the 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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