Key Takeaways
- • Deloitte reports that more than 6,000 businesses accepted bitcoin as payment according to one estimate from early 2024, and a survey of 2,000 senior US consumer-business executives found merchants adopting crypto payments to gain competitive advantage.
- • Deloitte cites an 85% share of surveyed merchants who see crypto payments as a way to reach new customers, and 77% who accept crypto because of lower transaction fees.
- • Deloitte frames corporate crypto adoption as a choice between a "hands-off" payments-only path, where a third-party vendor converts crypto to fiat and keeps assets off the balance sheet, and a "hands-on" path involving treasury operations and custody.
- • Deloitte warns that companies adopting crypto face regulatory, accounting, and tax questions for which regulators have provided limited guidance, and must address AML, KYC, and OFAC sanctions compliance.
- • Deloitte recommends that companies define clear objectives, involve Treasury early, and pilot crypto initiatives before a full launch.
Summary
Deloitte's guidance on corporate cryptocurrency use states that more than 6,000 businesses accepted bitcoin as a means of payment, according to one estimate from early 2024. The publication cites a survey of 2,000 senior executives at US consumer businesses, in which merchants embrace digital currency payments in the hope of gaining a competitive advantage. Deloitte notes that large brands accept bitcoin for purchases ranging from groceries to airline tickets, and that some sports teams are exploring tokens for fan engagement.
Deloitte outlines several rationales for corporate use. Crypto may provide access to tech-savvy customers with disposable income; one survey cited by Deloitte found that 85% of surveyed merchants see crypto payments as a way to reach new customers, while 77% accept crypto for its lower transaction fees. Crypto payments could also reduce transaction fees and eliminate float costs and multi-day cash settlement delays. Deloitte further highlights programmable money as a tool for real-time revenue sharing and back-office reconciliation, and cites crypto as a potential hedge or balancing asset against cash that may lose value to inflation, while acknowledging clear volatility risks.
The publication distinguishes between the "hands-off" and "hands-on" approaches. In a hands-off model, a third-party vendor converts crypto to and from fiat for a fee, keeping crypto off the corporate balance sheet, which Deloitte describes as the simplest entry point. The company, however, remains responsible for vetting its provider's AML and KYC practices and complying with OFAC sanctions. A hands-on model brings crypto into operations and treasury, with options including third-party custody or self-custody with direct management of private keys. Deloitte notes that self-custody involves greater complexity and accountability, and advises consulting legal counsel regarding any licensing requirements.
Deloitte advises that Treasury be closely involved in these decisions, since it manages banking and financing relationships. It recommends that companies develop an implementation roadmap addressing strategy, partners, security integration, resourcing, and monitoring, and that some firms pilot crypto initiatives as they would any new technology before a broader launch.
Deloitte outlines several rationales for corporate use. Crypto may provide access to tech-savvy customers with disposable income; one survey cited by Deloitte found that 85% of surveyed merchants see crypto payments as a way to reach new customers, while 77% accept crypto for its lower transaction fees. Crypto payments could also reduce transaction fees and eliminate float costs and multi-day cash settlement delays. Deloitte further highlights programmable money as a tool for real-time revenue sharing and back-office reconciliation, and cites crypto as a potential hedge or balancing asset against cash that may lose value to inflation, while acknowledging clear volatility risks.
The publication distinguishes between the "hands-off" and "hands-on" approaches. In a hands-off model, a third-party vendor converts crypto to and from fiat for a fee, keeping crypto off the corporate balance sheet, which Deloitte describes as the simplest entry point. The company, however, remains responsible for vetting its provider's AML and KYC practices and complying with OFAC sanctions. A hands-on model brings crypto into operations and treasury, with options including third-party custody or self-custody with direct management of private keys. Deloitte notes that self-custody involves greater complexity and accountability, and advises consulting legal counsel regarding any licensing requirements.
Deloitte advises that Treasury be closely involved in these decisions, since it manages banking and financing relationships. It recommends that companies develop an implementation roadmap addressing strategy, partners, security integration, resourcing, and monitoring, and that some firms pilot crypto initiatives as they would any new technology before a broader launch.
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