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Using Cryptocurrencies as a Business in 2024 (White paper)

Using Cryptocurrencies as a Business in 2024 (White paper)

Wan Nur Irdina EYMAN
July 17, 2024
8min

Beyond owning cryptocurrencies, businesses can leverage blockchain technology for one crucial function: transactions. In fact, the qualities natively offered by the blockchain are exactly what the payment industry needs to innovate: speed, transparency, security, availability, predictability and cost efficiency. The current global payment infrastructure lacks in those fields; with greater disparities in access and speed.

Our latest white paper covers practical use cases and legal guidelines for using cryptocurrencies as a business. Carefully designed by our team of experts, this guide aims to help businesses understand and leverage the transformative power of blockchain through insights and strategies needed to navigate its complexities and regulatory frameworks.

Some key insights from the white paper

The Future of Payments: Blockchain Technology compared to SWIFT

The SWIFT network, a long-time staple of international banking, moves about $5 trillion daily, but hasn’t received any major improvement for the past 50 years; suffering from payment delays, high costs, low transparency, and many intermediaries.

In contrast, transaction using blockchain rails can be completed in as little as 30 minutes (and in just a few seconds when no conversion back to fiat is done) while reducing costs, enhancing transparency and eliminating intermediaries. The illustration below shows the difference between the SWIFT network and blockchain rails by using digital dollars (here USDC).

The New Era of Digital Currency with Stablecoins

Stablecoins have become essential in the digital currency ecosystem, offering the benefits of cryptocurrencies with the stability of traditional fiat currencies. They reduce volatility by being correlated with assets like the US dollar or the euro, while also offering speed, security, and cheap transaction fees. Illustration 2 reflects these benefits, making stablecoins the ideal solution for payments, cross-border transactions, and corporate treasury management.

Illustration 2

To further illustrate the value stablecoins bring, Illustration 3 provides a side-by-side comparison of stablecoin compared to the traditional fiat currency.

Illustration 3

Navigating Cryptocurrency Regulations

Different countries have varying levels of acceptance and regulatory frameworks for cryptocurrencies. It's important for businesses to be aware of these regulations to ensure they operate within legal boundaries and take full advantage of the benefits that cryptocurrencies offer. Illustration 4 summarises the regulatory stance of various countries:

Illustration 4

Download Your Copy Now

Whether you're new to cryptocurrencies or looking to deepen your understanding, our white paper is the ultimate guide to get your business started.

Download the white paper now

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July 17, 2024

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