Cryptocurrency: A Global Phenomenon in Business
More than 16,000 businesses across the world now accept cryptocurrency and other digital assets for a variety of operational and transactional purposes.
The use of cryptocurrency for conducting cross-border business gives rise to an ample number of opportunities. Understandably, joining the cryptocurrency movement and onboarding with this digital age trend is a difficult frontier, there are both unknown vulnerabilities and compelling incentives. This is the very reason why large and complex organizations are embracing crypto quickly and effectively across all sectors and industries. These large organizations have quickly identified a gap in the market and discovered that cryptocurrencies will provide access to new demographic audiences. Users often represent a more forward-looking client base that values transparency in their transactions.
A recent study has highlighted that 45% of customers who choose to pay with cryptocurrency are first time buyers or new customers to the company and their purchase value is at least twice that of people using credit cards to pay. Introducing cryptocurrency now, while it is still emerging as a new global phenomenon, may help stimulate internal awareness within your organization about this new cutting-edge FinTech. Not only this, it will also help position your company in this emerging space for a future that is in-line with this digital age and its evolving technologies.
Cryptocurrency is beginning to create certain options that were previously not available with traditional banking systems and economies. One example of this is where back-office reconciliation with real money can only be performed in retrospect once deals and transfers have been made. However, cryptocurrency not only enables more accurate reports to be generated and extracted in real-time, but it also makes each transaction much more transparent from start to end, creating a culture of trust and collaboration, without the need for any physical handovers or exchanges. Day by day, more and more companies are discovering that high profile clients and vendors now want to engage through using cryptocurrency. It is now more crucial than ever to prepare your business and position it such that it is capable of receiving and disbursing digital currency.
It is becoming increasingly clear that cryptocurrency is providing an entirely new channel for boosting some of the more traditional Treasury activities, such as enabling simple, real-time and secure money transfers and helping intensify control over the capital of your company as a whole. We can confidently claim that cryptocurrency will eventually serve as an influential alternative or substitute asset to traditional cash, which may depreciate over time due to inflation.
