In a press release issued today, Paystand, the industry leader in blockchain-enabled business-to-business payments, announced that it has begun to purchase Bitcoin (BTC) and Ether (ETH) for inclusion on its balance sheet. A significant step forward for B2B SaaS businesses, since it further establishes cryptocurrency as a real balance sheet asset.
It is clear that Paystand believes in the long-term value of digital currency, as well as the notion that holding DeFi assets will become increasingly vital for businesses in the 2020s and beyond, as seen by its decision to accumulate and hold crypto.
The Paystand CEO, Jeremy Almond, believes that blockchain technology is one of the best investments a firm can make in the 2020s. Within that, cryptocurrency has emerged as an emerging option to enhance the company balance sheet and better manage capital preservation against external volatility in the fiat money supply,” the authors write.
“Blockchain technology, and within it, cryptocurrency, has emerged as a new prospect to strengthen the company balance sheet and better manage capital preservation against external volatility in the fiat money supply in the 2020s,” according to the report.
According to a recent report, “Blockchain and digital currencies are perfectly positioned to disrupt corporate treasury and fundamentally alter how businesses operate.” Blockchain will enable organisations to unlock unprecedented potential in terms of scalability, expansion, and income, much like cloud computing did in the early 2000s.
Paystand has been a pioneer in blockchain-based business-to-business payments since 2013, and it has built one of the largest corporate blockchains on Ethereum, the Assurety Blockchain, which is one of the largest corporate blockchains in the world. Paystand uses blockchain technology to verify every transaction on its zero-fee, bank-to-bank network – its proprietary payments infrastructure that removes punitive transaction fees and unnecessarily long time-to-cash cycles – in order to ensure that no transaction is fraudulent. Payment technology and the critical benefits it provides to businesses have enabled Paystand to achieve record-breaking growth in recent years, processing more than $2 billion in payment volume, increasing the number of business payers on its network to more than 350,000, raising $85 million in venture capital, and expanding its team by more than 100 percent.
Paystand believes that the continued rise of digital currency as a more mainstream, liquid asset and long-term store of value, as well as the rise of blockchain use cases at the corporate level, is changing the narrative. To date, only a few public and private companies have added cryptocurrency to their balance sheets. CFOs who are responsible for capital preservation as well as working capital efficiency now have a compelling reason to invest in cryptocurrencies, whether to hedge against inflation or to fuel internal applications within their organisations.
Scott Bennion, Paystand’s Chief Financial Officer, explained that, given the company’s commitment to web3 technology, “our decision to amass digital assets is a crucial component of Paystand’s business.” It’s undeniably true that blockchain technology will become the foundation upon which the next generation of enterprise operations is built, and we couldn’t be more excited to pave the way for other businesses that stand to gain significantly from leveraging digital currency and investing in blockchain technology.
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