SCOTTS VALLEY, California – (BUSINESS WIRE) – Paystand, a leader in blockchain-enabled B2B payments, announced today that it has been buying Bitcoin (BTC) and Ether (ETH) on its balance sheet. This move marks an important milestone for B2B SaaS companies and further legitimizes the emergence of cryptocurrency as a viable balance sheet asset. Paystand’s decision to accumulate and hold crypto underscores the company’s belief in the long-term value of digital currency and that owning DeFi assets will soon become essential for businesses in the 2020s and beyond.
“Blockchain technology is one of the best bets a company can make in the 2020s, and within that, cryptocurrencies have become an emerging opportunity to strengthen the corporate balance sheet and better manage capital preservation against volatility. external in the fiat money offering, “said Jeremy Almond. , CEO of Paystand. “Blockchain and digital currencies are uniquely positioned to transform corporate treasury and revolutionize the way businesses operate at the grassroots level. Just as cloud computing transformed the way businesses ran in the early 2000s, blockchain will help businesses unlock new potential when it comes to scalability, growth and revenue. ”
Since 2013, Paystand has pioneered blockchain-based B2B payments and to date has built one of the largest enterprise blockchains, Assurety Blockchain, on Ethereum. Paystand uses its blockchain technology to verify every transaction made on its zero-fee bank-to-bank network, its proprietary payments infrastructure that makes it possible to eliminate punitive transaction fees and unnecessarily long cash time cycles. As a result of this technology and the critical benefits it offers to businesses, Paystand has seen record growth over the past year, processing more than $ 2 billion in payment volume, increasing the number of commercial payers on its network to more than 350,000, raising $ 85M in Venture Capital in total, and growing their team by more than 100%.
To date, very few companies, public or private, have added cryptocurrencies to their balance sheets, but Paystand believes that the continued emergence of digital currency as a more conventional liquid asset and long-term store of value, coupled with the rise of the use of blockchain. cases at the corporate level, the narrative changes. CFOs charged with both capital preservation and working capital efficiency now have reasons to hoard cryptocurrencies to hedge against inflationary forces or boost internal applications.
“Our decision to accumulate digital assets is an essential part of Paystand’s business given our commitment to web3 technology,” said Scott Bennion, Paystand’s CFO. “There is no doubt that blockchain technology will become the foundation upon which the next generation of business operations will be built, and we could not be more excited to lead the way for other companies that have the opportunity to see substantial benefits by taking advantage of the digital currency and investment. in blockchain technology “.
To learn more about how Paystand is leading the B2B DeFi revolution, visit the company’s press page.
About Paystand
Paystand is on a mission to create an open and equitable commercial financial system, starting with B2B payments. Using blockchain and cloud technology, the company has pioneered Payments as a Service to automate the entire cash cycle of the business. Paystand makes it possible to digitize accounts receivable, automate processing, reduce collection time, eliminate transaction fees, and enable new revenue. Today, more than 350,000 businesses make better payments through the Paystand Defi Network, and the company has consistently been recognized as one of the leading innovators in business financial services. In August 2021, Paystand was appointed to the INC. 5000 List for the second year in a row. In October 2021, Paystand was included in CB Insights Fintech 250 as one of the most promising private fintech companies in the world. For more information on Paystand, visit us at paystand.com. Follow our blog and connect with us at Twitter and LinkedIn.