Professional services giant, Deloitte, is conspicuously showing its acceptance and loyalty to Bitcoin with its initiative amidst this period of global economic downturn to promote its mass adoption.
Deloitte developed a partnership with the financial services firm focused on Bitcoin, New York Digital Investment Group (NYDIG), to help companies of all sizes implement and integrate digital assets into their services.
According to a joint announcement issued last Monday, NYDIG and Deloitte are launching a strategic alliance to create a centralized approach for those clients seeking advice on adopting Bitcoin-related products and services.
The companies will work together to enable blockchain and digital asset-based services across multiple areas involving Bitcoin-related products, including banking, loyalty and rewards programs, employee benefits and more.
High demand for Bitcoin exposure
According to the announcement, global financial institutions and banks are facing increasing demand to provide reliable exposure to Bitcoin.
The alliance between Deloitte and NYDIG aims to help accelerate Bitcoin adoption while ensuring compliance, Deloitte’s head of Deloitte’s regulatory practice in the digital asset banking sector, Richard Rosenthal, said, adding:
“The future of financial services will focus on the use of digital assets and we are focused on advising clients on ways to participate in a regulated and compliant manner.”
The partnership went live on June 21 and comes amid a significant drop in cryptocurrency prices, with Bitcoin losing around 50% of its value by early 2022.
The news comes months after NYDIG launched a benefits program that allows employees to convert a portion of their salaries into Bitcoin. The company previously raised $1 billion in equity investments in late 2021, bringing NYDIG’s valuation to about $7 billion.
Deloitte’s interest
One of the “Big Four” accounting firms, Deloitte has become more interested in cryptocurrencies such as Bitcoin, actively exploring its role, like other digital assets, in the global economy.
In June, Deloitte published a survey that found that 75% of retailers in the United States planned to accept payments with cryptocurrencies or stablecoins within the next two years. Deloitte published another study in March, highlighting the potential of Bitcoin as a basis for creating a cheaper and faster ecosystem for e-currencies or digital central bank currencies.
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