Why Should You Consider Using Crypto in Your Business? Businesses are warming up to crypto and especially Bitcoin. According to one estimate from 2020, More than 2000 US businesses now accept Bitcoin. This is on par with the reports showing that more companies globally use Bitcoin for transactional investment and operational purposes. Business owners need […] The post Corporate Adoption of Bitcoin appeared first on CryptosRus.

Corporate Adoption of Bitcoin

Why Should You Consider Using Crypto in Your Business?

Businesses are warming up to crypto and especially Bitcoin. According to one estimate from 2020, More than 2000 US businesses now accept Bitcoin. This is on par with the reports showing that more companies globally use Bitcoin for transactional investment and operational purposes.

Business owners need to make it easy for customers to pay with various online payment options. It’s for this reason that crypto payments are becoming more popular.

Crypto clearly has plenty of advantages. What can we expect Crypto to do for a company?

What Does Crypto Enable Companies to Do?

Get Into New Demographic Groups

Crypto may help companies get into new demographic groups. A recent study found that 40% of users who pay for their purchases with crypto are new customers of the company, and they purchase twice the amounts of credit card users. This shows that crypto users are clientele who value transparency.

Better Positioning

When we introduce crypto in a company, we might position the company in the emerging cryptocurrency space for a future that may involve central bank digital currencies. This may help increase internal awareness about crypto and its underlying technology in the company.

New Capital

Crypto may help companies get new capital via tokenized traditional investments and new asset classes.

Gives Companies More Financial Options

Crypto makes it possible to accomplish certain options that are not available with fiat currency. For instance, programmable money can easily enable real-time revenue sharing while improving transparency.

Dominate the Market

Companies are discovering that important clients want to use crypto while engaging in business. So by adopting diving crypto, we get to corner the market.

Enhances Treasury Activities

Crypto gives us the ability to enhance traditional treasury activities, e.g

  • Simple, fast, and secure money transfers
  • Giving you more control over the enterprises capital

Better Alternative to Cash

Crypto is a great alternative to cash – which may succumb to inflation and depreciate over time. It is also investable, and some crypto, e.g., Bitcoin, has performed well over the past half-decade.

The Path to Using Crypto

When considering using crypto in your company’s operations, you should consider the following. Do we want to hold crypto to adopt crypto-enabled payments, or do we hold it in our balance sheet? This will help you know the path you will be following in your crypto journey.

Using crypto to Facilitate payments is one of the easiest and fastest ways to start using digital assets. It also requires very few adjustments across corporate functions. This is why companies such as Walmart – one of the largest retailers and e-commerce companies, are looking to hire crypto experts to develop crypto-based payments solutions for the retailers’ customers.

Other companies such as Amazon have also not been left behind. Amazon has advertised an opening for a Digital Currency and Blockchain Product Lead. The job entails creating a digital currency road map to help amazon integrate crypto payments.

Banks have also been buying stakes in crypto. An analytics report by Blockdata has listed 13 banks that have the largest stakes in crypto. The banks have amassed more than 3 billion dollars in crypto. 55% of the top 100 banks globally have invested in crypto either directly or through subsidiaries.

Final Thoughts

As we can see, crypto is here to stay. Big corporations are starting to adopt it in one form or the other. Retailers are the most since they need to integrate crypto-based payments to capture the unique tech-savvy clientele that loves transparency.

Therefore, we need to make sure that we take this opportunity to get into crypto and be pioneers of this wonderful technology.

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