When the Argentinian technology giant Globant filed its quarterly report with the SEC this week, it revealed that it had invested in Bitcoin related applications. However, Globant stated that it did not have any Bitcoin holdings, and currently held no plans to invest in Bitcoin.
Globant is an Argentinian technology company that provides digital business services to 100+ customers worldwide. Among their customers are some of the largest and most well-known companies in the world like Twitter, Walmart, Coca-Cola, and Samsung. Using the same technology as the blockchain (a computer network that is used for operating cryptocurrencies), Globant has developed a “Blockchain-as-a-Service” platform that allows companies to easily build and deploy blockchain applications. Blog Post Body: Globant’s proprietary blockchain platform, “Blockchain-as-a-Service” (Baas), uses the NEM protocol, a type of blockchain underlying many cryptocurrencies, including among others, XEM, the native currency of the NEM blockchain. Glob
As cryptocurrency enthusiasts and investors will tell you, the real value of Bitcoin isn’t the cryptocurrency itself, but the distributed ledger system on which it’s based, known as blockchain. A new report shows a major company is gearing up to leverage the power of blockchain—and bitcoin—to improve its existing operations.. Read more about when to buy bitcoin 2021 and let us know what you think.
Globant, one of Argentina’s big four tech companies, has quietly taken its first steps into the world of investing in cryptocurrencies, according to a recent filing with the US Securities and Exchange Commission. The company bought bitcoin in the first three months of this year and is now among a select group of Latin American unicorns that have decided to put some of their value into crypto assets.
Globant invests in cryptocurrencies
Globant, an Argentina-based software technology giant, has joined a select group of companies currently investing in cryptocurrencies, according to its latest filing with the US Securities and Exchange Commission. The company, founded in 2003, said it bought $500,000 worth of bitcoin (BTC) in the first quarter of 2021 (Q1). A small amount for a company worth more than $6.5 billion and listed on the New York Stock Exchange (NYSE). Globant listed bitcoin as one of its intangible assets, stating that bitcoin is. : Bitcoin is a crypto currency that is considered an intangible asset with an indefinite life, because Bitcoin has no physical form and no limited useful life, Bitcoin is not depreciated but tested for impairment. The statement says Globant bought bitcoins for the amount mentioned above, but it does not say how many bitcoins were bought or what price the company paid for them. However, the document states that Globant will recognize an impairment loss when the price of the asset falls from its purchase price and no gain will be recognized until the asset is sold. While some US firms like Microstrategy and Tesla and asset managers like Grayscale have been quick to jump on the cryptocurrency bandwagon, their Latin American counterparts have been more cautious about the new asset class. This may be due to the speed at which these companies innovate and the way they manage the balance of risks and opportunities in their own business models.
However, Globant is not the first Argentine company to work with cryptocurrencies. Online retailer Mercadolibre, which has a strong presence in Latin America, bought $7.8 million worth of bitcoins this month and said this was part of its cash flow strategy, possibly hinting at more bitcoin purchases in the future. Mercadolibre has also launched a real estate platform that only accepts bitcoin as payment. More Latin American companies, especially in Argentina, are expected to adopt cryptocurrencies as part of their business strategy in the near future as the local currency has been devalued and they struggle to acquire dollars. What do you think about Globant buying cryptocurrencies? Tell us what you think in the comments section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Argentinian tech giant Globant invested in Bitcoin during the first quarter of 2019, according to a recent SEC filings. The company, which is among the top 5 software development services firms in the world, saw a sharp increase in revenue from the cryptocurrency, which it said it will continue to invest in. Globant’s revenue from cryptocurrency rose by 28 percent, totaling $1.9 million, while the company is expecting a rise in revenue from the cryptocurrency in the second quarter of 2019, though it is holding off on disclosing the exact amount.. Read more about future of cryptocurrency 2021 and let us know what you think.
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