Worksport Taps Coinbase as Cryptocurrency Custodian for Treasury Strategies

Worksport Ltd. (NASDAQ: WKSP), a U.S.-based manufacturer and innovator of hybrid and clean energy solutions, has selected Coinbase Global, Inc. (NASDAQ: COIN) as its preferred custodian partner for cryptocurrency assets. This strategic move aligns with Worksport's ongoing growth initiatives and commitment to staying ahead of market trends.

Coinbase's substantial regulatory compliance, robust security measures, and insurance-backed custody solutions were key factors in Worksport's decision to choose them as its preferred custodian partner. This collaboration will enable Worksport to securely store and manage its cryptocurrency holdings, further enhancing its commitment to safeguarding corporate assets.

Steven Rossi, Chief Executive Officer of Worksport Ltd., stated, "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."

By partnering with Coinbase, Worksport anticipates that this collaboration will streamline the company's entry into the cryptocurrency space. This will enable Worksport to make initial purchases of BTC and XRP more efficiently, as Coinbase offers a user-friendly platform for buying, selling, and storing cryptocurrencies.

Worksport's cryptocurrency initiatives are part of a broader strategy to innovate across all facets of its business. From American production of high-quality, highly demanded automotive accessories to developing clean energy products like the SOLIS solar tonneau cover and COR portable energy system, and leveraging blockchain technology, Worksport is creating a diversified ecosystem designed for exponential growth.




In conclusion, Worksport's decision to partner with Coinbase as its preferred custodian aligns with its long-term cryptocurrency strategy, bringing significant benefits to the company's treasury management. This collaboration supports Worksport's ongoing growth initiatives, such as its multi-fold revenue increase and push toward cash flow positivity, by enhancing transaction efficiency, reducing costs, diversifying the treasury, and streamlining entry into the cryptocurrency space.