To support companies of all sizes in implementing digital assets capabilities in their businesses, Deloitte has partnered with New York Digital Investment Group (NYDIG), which is a Bitcoin focused financial services company.

On Monday NYDIG and Deloitte announced a strategic alliance to support clients who are seeking advice on Bitcoin products and services with a centralized approach. Both companies will collaborate to enable blockchain- and digital asset-based services across several areas involving Bitcoin-related products, including banking, consumer loyalty and rewards programs, employee benefits, and so on. As per Deloitte's digital assets banking regulatory practice lead Richard Rosenthal, the partnership became active on June 21.

Business owners will be able to leverage Deloitte's multidisciplinary professional services, as well as NYDIG's comprehensive bitcoin financial and technology products. Consumers are increasingly looking to their banks to provide bitcoin-related financial services, just as they already do with US dollars. The alliance between Deloitte and NYDIG will accelerate the adoption.

Months after NYDIG launched a benefits program allowing employees to convert a portion of their paychecks into Bitcoin in February 2022 the news for this launch came. Previously the company has raised $1 billion in equity investment in late 2021, bringing NYDIG’s valuation to roughly $7 billion.

Coinciding with the launch is a sharp drop in cryptocurrency prices, with Bitcoin losing nearly 50% of its value since 2022 began.

A survey was published in June found that 75% of retailers in the United States planned to accept crypto or stablecoin payments within the next two years. In March another study was published by Deloitte highlighting the potential of Bitcoin as a base to create a cheaper and faster ecosystem for electronic fiat or central bank digital currencies.

About NYDIG :

NYDIG is a bitcoin company making economics more inclusive. The company provides technology and financial services to companies in a wide range of industries, and its bitcoin platform is built to the highest security, regulatory, and operational standards. NYDIG opens the door to a new era of financial products that will make bitcoin more accessible to everyone.

About Deloitte :

many of the world’s most admired brands receive industry-leading audit, consulting, tax, and advisory services from Deloitte. Among this nearly 90% of the Fortune 500® and more than 7,000 private companies are included. It has created 175 years of service and spread across 150 countries and territories.

Indrani bose

CBW - External Analyst

INDIA