Worksport has chosen Coinbase as its cryptocurrency custodian. This decision aligns with their plan to hold extra cash in Bitcoin and XRP. The CEO pointed out that Coinbase’s security and compliance are crucial for protecting their assets and supporting growth.
On January 28, 2025, Worksport Ltd (WKSP), which provides clean energy solutions for light trucks, announced this partnership. They praised Coinbase for its strong regulatory compliance, top-notch security, and insurance-backed custody solutions. This move is part of Worksport’s Cryptocurrency Treasury Strategy, introduced on December 5, 2024. It allows them to invest a portion of their surplus cash reserves in Bitcoin (BTC/USD) and XRP/USD.
The Board of Directors at Worksport decides how much excess cash is available for investment. This lets the company make its initial cryptocurrency purchases.
Steven Rossi, the CEO of Worksport, said that having a leading crypto custodian is like having a top-tier banking partner. It aligns with their commitment to safeguard corporate assets. This treasury strategy supports Worksport’s broader growth goals, which include significant revenue growth, achieving positive cash flow, and launching three new product lines in 2025.
Worksport expects this partnership to make it easier to enter the cryptocurrency market.
In terms of stock performance, WKSP shares rose by 4.36%, trading at $0.92 in premarket activity.