Deloitte, a renowned name in the professional services industry, is highly worried about Bitcoin (BTC) in light of the ongoing market fall and has organized a significant initiative to increase BTC acceptance. To help businesses of all sizes use digital assets, Deloitte and New York Digital Investment Group (NYDIG), a financial services organization focused on Bitcoin, have partnered.
According to a joint statement, NYDIG and Deloitte are advancing toward a partnership with the goal of implementing a centralized method for customers seeking a manual for adopting services and goods based on Bitcoin. The companies will work together to enable blockchain- and digital asset-based services across a variety of regions while taking into account Bitcoin-related products like employee benefits, incentives and loyalty programs, etc.
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According to the proclamation, there has been an increased need for financial institutions throughout the world to provide dependable exposure to the main crypto asset. According to Richard Rosenthal, the complementary association aims to support ramping up the BTC acceptance while ensuring compliance (the head of banking regulatory operations of digital assets at Deloitte).
The official went on to say that the future of financial services will be determined by how digital assets are used, and Deloitte is working to give its clients advice on how to participate in a compliant and regulated manner. A representative for Deloitte stated that the partnership began on June 21. The launch is taking place in the midst of a dramatic collapse in cryptocurrency values, with the value of Bitcoin experiencing a decline of up to 50% for the first time in the previous 18 months.
The speaker continued by saying that they have a long-term perspective and anticipate that numerous businesses will continue to develop goods and infrastructure based on digital properties. The issue has surfaced months after NYDIG launched a perks package allowing employees to convert a portion of their paychecks into the leading cryptocurrency in February.
The company had previously received around $1B in equity investments during the latter part of the previous year, raising the firm’s capitalization to roughly $7B. In order to keep its dominant position in the global economy, Deloitte, one of the top 4 accounting firms, has grown increasingly interested in crypto assets like Bitcoin over the past several years.