For many businesses today, the key question is not whether to move away from TradFi to crypto, but how best to do it.
The draw of crypto finance is clear. Traditional settlement rails and the global payments infrastructure were designed decades ago, and are now showing signs of age. In a digital era marked by speed and convenience, TradFi often stands out for being slow, inefficient, and expensive. It's little wonder that the TradFi sector is losing top talent to crypto alternatives.
Blockchain and crypto is doing to traditional finance what Netflix once did to film rental. At last, there is a viable, digital-first alternative to the world's creaking global payments infrastructure and it is more than likely that soon crypto payments infrastructure will power huge swathes of global commerce and cross-border transactions. Finally, businesses can use settlement rails specifically designed for a Web 3 world.
So, where should businesses start? Transitioning into a crypto-powered business involves a great deal more than simply accepting Bitcoin for payments. For instance, one key element is the use of stablecoins to underpin cross-border payments, such as when paying suppliers in one or more countries. Stablecoins greatly reduce transaction costs compared to TradFi and ensures that funds get into the hands of payees much faster.
To understand the full range of benefits and use cases that can be enabled through crypto, it's important to find the right partner. Companies like BVNK make the transition to crypto exponentially easier. We offer a simple API that enables businesses to plug in to a full suite of crypto finance products.
By working with us, organisations can seamlessly and simply extend their global reach and consumer touchpoints. We provide businesses with reliable and cost-effective commercial channels that TradFi companies cannot match, helping them adapt to the digital world.
Of course, traditional fiat-based transactions will not disappear overnight, and that's why we act as a conduit between the old and the new, enabling businesses to bring together their payments, banking, and treasury management functions in one place.
To learn more about how we can help your business transition to crypto, get in touch.
Our blog is dedicated to bringing you the latest industry news in crypto, banking, treasury management and investments.