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

CoinFeed 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 purchases 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 oversee 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 over 13% on Thursday but are still up over 122% year-to-date.