- SolarBank adopts Bitcoin to hedge inflation and attract tech investors.
- The company applies for Coinbase Prime to securely store Bitcoin assets.
- SolarBank stays focused on clean energy despite Bitcoin treasury strategy.
SolarBank, a leading clean energy company in North America, has announced a new strategy. The company will now hold Bitcoin as a part of its treasury. Large companies such as Strategy, formerly MicroStrategy, have invested heavily in Bitcoin, which is the example being followed. SolarBank wants to store Bitcoin for future use, as it is not a day-to-day asset.
SolarBank Applies for Coinbase Prime Account to Hold Bitcoin
As part of this step, SolarBank has submitted an application for an account with Coinbase Prime. The company will be able to keep its Bitcoin on the platform in a safe manner. Other services will include USDC, a stablecoin and self-managed wallets. Such tools will guarantee the company manages its digital data in a well-protected manner.
There are several causes for the introduction of this new plan. Keeping Bitcoin can help SolarBank stay stable regarding inflation and currency deterioration. As regular currencies tend to lose strength over the years, Bitcoin is a new possibility. Furthermore, using solar energy projects will offset the negative environmental influence caused by Bitcoin. Thanks to its renewable energy production, the company can support the efforts to lower Bitcoin mining’s carbon footprint.
In addition, bringing the company public will increase the number of investors. Digital assets such as Bitcoin and Ethereum are gaining attention among many people today. In addition, these investors are interested in clean energy and modern technology. As SolarBank gets involved in digital assets, it can help satisfy the needs of both groups. It transforms into a business that supports new ideas and sustainability.
SolarBank is among the first companies in renewable energy to bring in digital finance as well. Therefore, it is noticeable against competitors in the market. The business uses blockchain, artificial intelligence and decentralized finance (DeFi) to get an edge over its competitors.
SolarBank Stays Focused on Clean Energy Despite Bitcoin Strategy
Despite this new plan, the main objective of SolarBank is still focused on clean energy. The company keeps investing in solar power and battery storage projects in the United States and Canada. Some of the latest agreements highlight how much it has advanced. As an example, it has formed a $100 million partnership with CIM Group to focus on community solar in the U.S.
It also entered into a $49.5 million partnership with Qcells, a U.S.-based producer of solar panels. An additional $41 million contract with Honeywell is aimed at using leftover landfill sites to build solar farms. To conclude, a $25 million credit facility from the Royal Bank of Canada will assist SolarBank in its battery projects.
Dr. Richard Lu, who is president of the company, stated that this strategy will be valuable for the company. He stated that people are accepting Bitcoin more than before. Owning Bitcoin can boost SolarBank’s efforts to become successful in both financial and environmental fields.
The company is slowly increasing its number of Bitcoins. How much the company invests will be determined by market rates, its cash flow and additional factors. SolarBank does not currently own any Bitcoin. The outline for the project might be updated in the future.
Many more businesses across the globe are embracing Bitcoin. For instance, Al Abraj Restaurants Group in Bahrain and Vanadi Coffee in Spain have decided to add Bitcoin to their assets. Such steps display a bigger pattern. As a result of these steps, digital assets are gaining wider acceptance from companies in the traditional market.
With this action, SolarBank is poised to try out something new. Bitcoin is being used to make money and clean energy is being used to power the future.
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