On Tuesday, light truck clean energy solutions provider Worksport Ltd (NASDAQ:WKSP) announced that it had selected Coinbase Global, Inc (NASDAQ:COIN) as its preferred custodian partner.

Worksport cited Coinbase’s substantial regulatory compliance, robust security measures, and insurance-backed custody solutions.

This strategic move aligns with Worksport’s Cryptocurrency Treasury Strategy announced on December 5, 2024, wherein the company expanded its Corporate Treasury and allowed a portion of its surplus cash reserves to be held in Bitcoin (CRYPTO: BTC/USD) and (CRYPTO: XRP). 

Worksport’s Board of Directors determines investable excess cash, which allows Worksport to make initial purchases.

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Worksport chief Steven Rossi stated that having a top-tier crypto custodian is like having a top-tier banking partner who aligns with Worksport’s commitment to safeguarding corporate assets.

The treasury update aligns with Worksport’s ongoing growth initiatives, including a multi-fold revenue increase, a push toward cash flow positivity, and the imminent launch of three new product lines in 2025, the company said.

Worksport anticipates that this collaboration will streamline the company’s entry into the cryptocurrency space.

Price Actions: WKSP stock traded higher by 4.36% at $0.92 premarket at the last check on Tuesday.

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This article EXCLUSIVE: Worksport Taps Coinbase As Cryptocurrency Custodian For Treasury Strategies originally appeared on Benzinga.com

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