Professional services giant Deloitte is taking Bitcoin (BTC) increasingly seriously amid the current market downturn, launching a major initiative to promote BTC adoption.
Deloitte has partnered with Bitcoin-focused financial services firm New York Digital Investment Group (NYDIG), to help companies of all sizes implement digital assets.
According to a joint announcement made Monday, NYDIG and Deloitte are launching a strategic alliance to create a one-stop approach for clients seeking advice on adopting Bitcoin products and services.
The companies will work together to enable blockchain-based services and digital assets across multiple areas involving Bitcoin-related products, including banking, loyalty and rewards programs, employee benefits, and others.
According to the announcement, global banks and financial institutions have been facing increasing demand to provide trusted exposure to Bitcoin. The alliance between Deloitte and NYDIG is intended to help accelerate adoption while ensuring compliance, said Richard Rosenthal, leader of Deloitte’s digital asset banking regulation practice, adding:
“The future of financial services will be centered around the use of digital assets, and we are focused on advising our clients on ways to participate in a regulated and compliant manner.”
A Deloitte spokesperson told Cointelegraph that the partnership went live on June 21. The launch comes amid a major drop in cryptocurrency prices, with Bitcoin losing close to 50% of its value since the beginning of 2022. “We take a longer view and expect many companies to continue building their own digital asset infrastructure and products”said the representative.
The news comes months after NYDIG launched a benefits program allowing employees to convert a portion of their payroll to Bitcoin in February 2022. The company previously raised $1 billion in equity investments by the end of 2021, raising NYDIG’s valuation at about $7 billion.
Deloitte, one of the “Big Four” accounting firms, has become increasingly interested in cryptocurrencies like Bitcoin in recent years, actively exploring the role of Bitcoin and other digital assets in the global economy.
In June, Deloitte released a survey finding that 75% of US retailers planned to accept crypto or stablecoin payments in the next two years. Deloitte published another study in March highlighting Bitcoin’s potential as a foundation for creating a cheaper and faster ecosystem for central bank or fiat electronic digital currencies.
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