Friday, May 14, 2021
Home ALT COINS SynBiotic SE becomes first German listed company to buy Bitcoin

SynBiotic SE becomes first German listed company to buy Bitcoin


  • SynBiotic SE is the first listed company in Germany to use Bitcoin to hedge against excessive monetary expansion.
  • The cannabis company invests a part of its free liquidity in an unknown amount in Bitcoin.

After American companies such as MicroStrategy and Square started the trend in the United States, the first listed company in Germany is now also investing in Bitcoin. Cannabis company SynBiotic SE (XETRA; ISIN: DE000A2LQ777 / WKN: A2LQ77) announced it will make the investment in Bitcoin “in light of the excessive monetary expansion in both the Euro and USD areas.”

According to the official press release, “legitimate concern about a massive devaluation of fiat money.” SynBiotic SE is “therefore set to become the first listed company in Germany to hedge against the devaluation of the euro with Bitcoin” and has therefore started to shift part of its free liquidity into Bitcoin.

Lars Müller, CEO of SynBiotic SE, says of the decision:

Our decision focused less on price fluctuations than the risk of devaluation of euro and dollar. Bitcoin is the exact antithesis of traditional currencies: its volume is limited to 21 million units. This limit is fixed and inviolable, which the cryptocurrency‘s decentralized organization and the blockchain‘s tamper-proof nature in turn guarantees.

For this reason, we have more long-term confidence in bitcoin than in euros or dollars, where a central institution, influenced by politicians, can expand the money supply immeasurably. In addition, the cannabis sector in particular has had very positive experiences with bitcoin as a simple and digital means of payment. Several SynBiotic subsidiaries already accept payments in bitcoin in addition to payments in euros.

Munich-based SynBiotic SE is pursuing a buy-and-build strategy to build a diversified group of companies in the cannabis sector. Thus, the company is active in the field for alternative production of functionally superior cannabinoids and other psychoactive molecules as well as in the field for the development of wellness products. In addition, SynBiotic SE focuses, in particular, on the synthetic production of cannabinoids, the development of drugs, the development of nutritional supplements and cosmetic products.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments