Professional services giant Deloitte is taking a growing interest in bitcoin (BTC) amid the current market crisis, and a major initiative is being implemented to promote bitcoin adoption.
Deloitte has partnered with a bitcoin-focused financial services company, New York Digital Investment Group (NYDIG), to help businesses of all sizes embrace digital assets.
According to a joint announcement Monday, NYDIG and Deloitte are launching a strategic alliance to create a common approach for clients seeking guidance on adopting bitcoin-related products and services.
The companies will work together to enable blockchain and asset-based digital services in numerous areas related to bitcoin-related products, including banking, loyalty and bonus programs, employee benefits and others.
According to the announcement, global financial institutions and banks have faced the growing demand to provide reliable exposure to bitcoin. The alliance between Deloitte and NYDIG aims to accelerate adoption and ensure compliance, Richard Rosenthal, Deloitte’s head of digital asset banking regulatory practice, added:
“The future of financial services will be focused on the use of digital assets, and we are focused on advising our clients on ways to approach them in a controlled and compliant manner.”
A Deloitte spokesman told Cointelegraph that the partnership was active on June 21. The launch comes amid a significant drop in cryptocurrency prices, with bitcoin having lost about 50% of its value since the beginning of 2022. “We are taking a longer-term view and expect many companies to continue to develop their infrastructure own digital assets and products, “said the representative.
The news comes months after NYDIG launched a benefits program that allows employees to convert part of their salary to bitcoin in February 2022. The company previously raised $ 1 billion in capital investment at the end of 2021., bringing NYDIG valued at about $ 7 billion.
Deloitte, one of the four major 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.
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In June, Deloitte released research that found that 75% of retailers in the United States plan to accept cryptocurrency or stablecoin payments 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 digital currencies like electronic fiat or central banks.