#RefreshFriday CRYPTO! ..and why should a dealer consider using it? | Ben Hadley

[kentmakishima]

This sounds really intriguing! I’m curious to hear how dealers can practically implement crypto for payments and what the benefits really are beyond the hype. I’ve also been looking into services like Crypto Investment Recovery Specialists to understand how people safeguard or recover their digital assets, which makes this discussion even more relevant. Diving into “Creature from Jekyll Island” should make for an eye opening conversation on the future of currency, definitely looking forward to seeing how you all tie crypto adoption into the broader financial system.

Happy to chat about crypto integration, having done this up to the enterprise/gov level and have discussed with dealer CFO. For accounting, transacting in crypto is similar to cash, documentation needs to be done and AML if applicable. In digital applications, there are benefits to transacting in crypto but it isn't in a dealers' typical interest to have exposure to crypto, specifically if transacting a speculative token. At a previous company, any earned revenue via crypto we sold to cash to mitigate any exposure to fluctuating prices. Safe storage methods of crypto is pretty standardized now, whether handling it yourself as a dealer or using a service.

Main reasons I hear about dealers (and merchants at large) leaning towards stablecoin implementation is to circumvent CC fees, which is true, but opens up a larger discussion about consumer behavior. Dealers/brokers I know that transact heavily in crypto, mainly have large clientele base that are "crypto-native" and market directly to this demographic.

 

[kylewilliam]

Happy to chat about crypto integration, having done this up to the enterprise/gov level and have discussed with dealer CFO. For accounting, transacting in crypto is similar to cash, documentation needs to be done and AML if applicable. In digital applications, there are benefits to transacting in crypto but it isn't in a dealers' typical interest to have exposure to crypto, specifically if transacting a speculative token. At a previous company, any earned revenue via crypto we sold to cash to mitigate any exposure to fluctuating prices. Safe storage methods of crypto is pretty standardized now, whether handling it yourself as a dealer or using a service.

Main reasons I hear about dealers (and merchants at large) leaning towards stablecoin implementation is to circumvent CC fees, which is true, but it also raises questions about consumer behavior. Coinme reviews show that dealers and brokers who transact heavily in crypto usually have a large crypto-native clientele and target that demographic directly.

Crypto can be treated like cash for accounting, with proper documentation and AML compliance. Dealers usually avoid volatile tokens, converting earned crypto to cash to minimize risk. The main appeal is avoiding credit card fees, but it works best for a crypto-native customer base. Safe storage methods are now standardized, whether handled in-house or via a service.

 

[RobertSmith]

Happy to chat about crypto integration, having done this up to the enterprise/gov level and have discussed with dealer CFO. For accounting, transacting in crypto is similar to cash, documentation needs to be done and AML if applicable. In digital applications, there are benefits to transacting in crypto but it isn't in a dealers' typical interest to have exposure to crypto, specifically if transacting a speculative token. At a previous company, any earned revenue via crypto we sold to cash to mitigate any exposure to fluctuating prices. Safe storage methods of crypto is pretty standardized now, whether handling it yourself as a dealer or using a service.

Main reasons I hear about dealers (and merchants at large) leaning towards stablecoin implementation is to circumvent CC fees, which is true, but opens up a larger discussion about consumer behavior. Dealers/brokers I know that transact heavily in crypto, mainly have large clientele base that are "crypto-native" and market directly to this demographic.
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Pretty much summed up in that thread: most dealers only see crypto as a niche payment option, mainly useful for specific international/crypto-native buyers, and even then they usually just convert it instantly to fiat to avoid volatility.
Outside of that, the general consensus is still “interesting, but not worth the operational hassle for most stores.”