SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--Paystand – the leader in blockchain-enabled B2B payments – today announced it has been purchasing Bitcoin (BTC) and Ether (ETH) on its balance sheet. This move marks a significant 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, crypto has become an emerging opportunity to strengthen the corporate balance sheet and better manage capital preservation against external volatility in the fiat money supply," said Jeremy Almond, Paystand’s CEO. “Blockchain and digital currencies are uniquely positioned to transform corporate treasury and revolutionize how companies function at the root level. Just as cloud computing transformed the way companies were run in the early 2000s, blockchain will help businesses unlock newfound potential when it comes to scalability, growth, and revenue.”
Since 2013, Paystand has pioneered blockchain-based B2B payments, and, to date, it has built one of the largest enterprise blockchains – the 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 time-to-cash cycles. As a result of this technology and the critical benefits it delivers to businesses, Paystand has seen record-setting growth over the past year, processing over $2B in payment volume, increasing the number of business payers on its network to over 350,000, raising $85M in Venture Capital in total, and growing its team over 100%.
To date, very few companies – public or private – have added cryptocurrency to their balance sheets, but Paystand believes the continued emergence of digital currency as a more mainstream, liquid asset and long-term store of value, along with the rise of blockchain use cases at the corporate level, changes the narrative. CFOs charged with both capital preservation and working capital efficiency now have reason to accumulate cryptocurrency to hedge against inflationary forces or power 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’s no doubt that blockchain technology will become the foundation on which the next generation of enterprise operations are built, and we could not be more thrilled to blaze the trail for other companies who have an opportunity to see substantial benefits from leveraging digital currency and investing in blockchain technology.”
To learn more about how Paystand is leading the B2B DeFi revolution, visit the company’s press page.
Paystand is on a mission to create an open and equitable commercial finance system, starting with B2B payments. Using blockchain and cloud technology, the company has pioneered Payments-as-a-Service to automate the entire enterprise cash cycle. Paystand makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. Today, over 350,000 businesses make better payments over the Paystand Defi Network, and the company has been consistently recognized as a top innovator in enterprise financial services. In August of 2021, Paystand was named to the Inc. 5000 List for the second year in a row. In October of 2021, Paystand was named to the CB Insights Fintech 250 as one of the most promising privately held fintechs in the world. For more information about Paystand, visit us at paystand.com. Follow our blog, and connect with us on Twitter and LinkedIn.