Blockchain Payments Firm PayStand Puts Crypto On its Balance Sheetbr>
Blockchain-enabled commercial payments platform PayStand has purchased Ether (ETH) on its balance sheet – one of the first companies in the world to do so, and the first in mainstream B2B and SaaS.
Paystand’s decision to invest in cryptocurrency sets a new standard for enterprise operations, illustrating the fact that owning DeFi assets will soon become essential for businesses in the 2020s and beyond. 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 payers on its network to over 300,000, and growing its team over 100%. The company was recently recognized as the 3rd fastest growing company in Silicon Valley.
“Blockchain and crypto are the best bets a company can make in the 2020s, and we are proud to pave the way for businesses everywhere looking to invest in DeFi assets” said Jeremy Almond, Paystand’s CEO. “No other technology exists today that is so uniquely positioned to revolutionize how companies function from 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.”
Paystand’s mission is to re-architect the commercial finance industry and its antiquated infrastructure that is built on transaction fees and that drains businesses of their bottom lines, paper-heavy processes that are susceptible to errors and fraud, and outdated practices that siphon hours away from critical AR functions. Paystand is designed to create a self-driving money experience for finance teams and integrates with major ERP systems.
“Our decision to hold 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.”