Fortune Business Insights reports that in 2020, the global cryptocurrency market was worth USD 826.6 million. And with the rise of digital investments in venture capital and blockchain technology, that number is projected to exceed USD 1.9 billion by 2028.
This data shows that the financial world is rapidly evolving. And as a forward-thinking agency, we decided to evolve with it by extending our payment options to include cryptocurrency.
What Inspired Our Decision To Accept Cryptocurrency
Our decision to accept cryptocurrency was two-fold. It allows StrategiQ to:
- Leverage new business opportunities in the international fintech market.
- Put our forward-thinking and ambitious values into action.
Supporting New Enterprise Opportunities
COVID-19 sparked new fintech opportunities as social distancing caused exponential growth for digital financial tools and e-Commerce. Per Deloitte, this has led to more startups than ever before in the fintech space, making it the right time to act boldly and take advantage of new opportunities.
The 2021 Tech Nation Report revealed that U.K. tech venture capital investment reached a record-high of USD 15 billion in 2020. The U.K. tech startup and scaleup ecosystem are currently valued at USD 585 billion, a 120% increase since 2017.
Entrepreneurs in these spaces are comfortable with and will continue utilising cryptocurrency moving forward. Thus, by accepting cryptocurrency, StrategiQ opens the door for new business ventures. It allows our agency to establish a level of confidence among tech entrepreneurs by demonstrating we are a forward-thinking firm that recognises cryptocurrency as a valid form of payment.
We are an established, proven and award-winning agency known for being flexible with our transaction terms for brands coming out of exciting markets. Ambition is at the heart of everything we do — and admitting cryptocurrency allows us to partner with like-minded startups and entrepreneurs.
The Decision Was Immediate, but the Process Took Time
Strategy is the foundation of our agency — and this decision was no different. The process has been carefully structured, and we have done our due diligence by conducting thorough research and curating meticulous guidelines for how we will accept cryptocurrency.
To start, our Finance Director Kirsty Fitzgerald spoke with other agency owners who utilise cryptocurrency and evaluated the different ways in which StrategiQ should move forward. We had to implement an arrangement that protected both our organisation and our clients. The process was meticulous, as we are in uncharted territory, and currently, there are no industry-standard guidelines or warnings to heed.
Substantial research was critical — we are not an agency jumping on the crypto bandwagon. Through extensive exploration, we developed foundational knowledge in the crypto market that will allow us to accept it long-term.
According to Kirsty: “At StrategiQ, we are always looking at ways to enhance relationships and ease of transactions with clients. Cryptocurrency is an emerging space, but one that has the potential to dominate financial markets in the future due to the benefits it can bring, especially for B2B. The speed, transparency and cost efficiencies that are brought about by cutting out intermediaries will benefit us and our clients, especially those in international markets.”
Determining Guidelines for Cryptocurrency Transactions
Our agency had to find the balance between being flexible while yielding caution to the types of cryptocurrency we accept. As of now, we are primarily supporting established currencies, such as Bitcoin. We considered amongst others:
- Currently is the most familiar and stable cryptocurrency on the market.
- Is most likely to be accepted at a regulatory level.
- Has proven to be resilient, posing a slightly lower risk than less-established coins.
According to The Independent, the Bitcoin network now handles more volume than established online payment platforms like PayPal. For example, Bitcoin processed an average of USD 489 billion per quarter in 2021 — PayPal averaged USD 302 billion per quarter. PayPal also announced last year that customers can buy, sell and spend the coin on its platform, which may have contributed to BTC’s 400% rise in value.
However, as a forward-thinking agency, we understand the space is continuously evolving, so we are open to discussions regarding other coins. Our decision process involves reviewing the client’s project and the coin they wish to use. After careful evaluation and additional research, our agency will make the final decision. If we choose to accept, we will also determine a valid exchange rate for the proposed coin.
Navigating Cryptocurrency Is a Learning Process for All
Like everyone else, we have no idea how, if or when the government will regulate or tax cryptocurrency. And while clients in the fintech space are comfortable using certain coins, the general population does not have that same confidence yet. But we suspect this will increase over time as people become more familiar with crypto and more businesses adopt it as a viable payment source.
“Currently, we will be using crypto for transaction purposes only,” Kirsty says. “But my vision for the future, once we have considered the volatility risks, is to hold crypto alongside cash on the balance sheet, which would protect us from inflationary pressures and potentially open up capital opportunities.”
Final Thoughts on the Future of Cryptocurrency
We believe that there’s no going backwards — crypto may not become the global currency, but it will continue to be a significant component for those in the fintech and startup world. Yes, there will be obstacles, but that’s why we conducted extensive research and are prepared to make adjustments as needed.
If you’re looking to continue the conversation on cryptocurrency, we’re all ears. Follow StrategiQ’s social channels or subscribe to our newsletter for updates on how our agency continues to be a forward-thinking enterprise and the other ambitious projects we’re taking on.
