Big brands around the world are taking an interest in cryptocurrency. Top names such as Microsoft, PayPal, and Home Depot also allow customers to pay with digital currencies. According to financial director Jason Feintuch of NY, companies are opening up to cryptocurrency at a substantial rate. For instance, nearly 6,000 businesses across the U.S. accept crypto as a payment method.
However, why should a business even consider showing any interest in cryptocurrency?
Let’s explore more on the topic.
Crypto Adoption by Businesses
A 2020 report suggests over 2,300 businesses in the U.S. accept bitcoin, a popular cryptocurrency. The number might have increased in two years as customers want more ways to pay.
Interestingly, cryptocurrency can turn out to be a great advantage for businesses. It can open up new possibilities and even bring significant growth in revenues.
Additionally, cryptocurrency can allow entrepreneurs to target a new set of customers. The younger generation surrounded by screens is more open to using digital currencies.
Now, crypto may only be recognized as a currency by a few countries. Crypto adoption is on the rise.
Allowing your customers to pay with crypto can boost profits. According to Deloitte, 40% of people who buy cryptocurrency are new customers.
Moreover, they spend twice as much as customers who use credit cards to pay. Therefore, businesses will also be able to improve their revenues.
Boosting profits and revenues are key objectives to achieve top financial performance, says Jason Feintuch, a renowned financial expert.
The process can allow businesses to win a competitive edge and gain a stronghold in the market. Additionally, it can support organizations to sail past disruptive times like COVID-19.
Unique Benefits of Cryptocurrency for Businesses
The above are not the only advantages cryptocurrency can bring to the table. Many innovative benefits are not available in the traditional financial market.
For example, crypto can be a new way of investment for businesses. They can put their money on potential cryptocurrencies and earn lucrative returns.
Additionally, the crypto market has a range of investment products. One can simply earn just by depositing their cryptocurrencies in a fund pool. Some platforms allow peer-to-peer lending and the making of interests.
For one, the crypto market can ensure the supply of capital in times of distress. Businesses may access much bigger pools of funds than fiat currencies.
In addition, the fees may be relatively lower when you pay using native coins of a platform. The savings can go a long way to boost the bottom line of many organizations.
The possibilities of cryptocurrency don’t end here. The crypto market supports the growth of decentralized products and applications. They don’t need any intermediary like banks to operate or even share profits or dividends.
As a result, it can provide businesses with an easy and direct way to reach customers.
“The technology that drives cryptocurrencies also holds enormous promise. It can provide a way for transparent transactions and track ownership or even goods across supply chains.” Jason Feintuch concluded.
The future of crypto is pretty exciting – and this is just the beginning. We are yet to see more revolutionizing ideas and projects transforming how we work and do business.