Singapore-based ride-sharing platform Ryde announces adoption of cryptocurrency treasury strategy

PANews reported on March 20th, citing Cointelegraph, that Singapore-based ride-sharing platform Ryde Group announced a cryptocurrency treasury strategy, investing a portion of its corporate reserves in Bitcoin, Ethereum, and Solana. The specific allocation and timing of these investments will be determined by the Ryde governance team. The company stated that allocating a portion of its treasury to digital assets enhances operational flexibility, given the changing macroeconomic environment.

Ryde's crypto assets will be held by a third-party custodian, and an investment committee and a risk management committee will be established to be responsible for portfolio management and regulatory compliance, respectively. Ryde has accepted Bitcoin as an in-app payment method since 2020. Its NYSE-listed U.S. shares fell more than 13% on Thursday, but are still up more than 122% year-to-date.