How startups can use cryptocurrencies to drive growth

Startups can leverage the popularity of cryptocurrency in a variety of ways to boost trade. None of the ways are correct or really the only approach.

Here we look at some options for startups that are interested in building their business on blockchain or providing services that support its wider application.

Providing a service to help other companies implement blockchain

One approach to using cryptocurrencies to grow a business is to provide consulting services that help other businesses successfully implement blockchain technologies. Although there are different coins involved in cryptocurrency, companies can decide which blockchain technology is most appropriate to use.

The idea behind using blockchain is to make transactions easier, simpler, and lower. It is easier to go global instead of national – another advantage that can expand the business faster than expected, leading to growth.

Acceptance of cryptocurrency for transactions

Most companies are still stuck on credit card and debit card model, which costs the gatekeepers of these services 1-3%.

Giving customers the ability to pay with crypto has several benefits:

1. Customers have more choice
2. They can use crypto profits to fund purchases
3. Buying digital goods with bitcoins or altcoins has an inner meaning
4. Lower commission structure
5. The ability to offer a crypto discount (for example, when paying in cash)

Older companies can instantly look modern by accepting cryptocurrency. There are coin exchanges for quickly converting coins purchased through a transactional business into local currency via bank transfer.

Read also: What is XRP and why has it attracted investors?

Trade or invest cryptocurrency

For adventurous CEOs, especially those with a long-term interest in cryptocurrency, investing or just trading different coins has great appeal. While this should never be viewed in the same way as cash due to price fluctuations in the crypto market, for investment purposes it is a different matter.

Some investors like the idea of ​​buying in downturns. Others prefer to pick up and arrive altcoins that generate significant buzz and their price gains steady momentum. Taking a wave up and jumping off when it reaches a plateau or permanent top can be a significant return on your company investment.

Rather than having excess retained earnings and earning less than 1 percent per annum, deploying cash that is not needed as working capital or for future projects to invest makes a lot of sense for CFOs and CEOs.

Create a recruiting department for cryptocurrency specialists

While the recruiting of programmers and other jobs associated with the cryptocurrency boom has not gone unnoticed, most recruiting companies and jobs cannot benefit from this phenomenon.

Creating a website that only finds job listings for jobs that are relevant to working with crypto technology allows employers to find the most suitable recruits. The range of jobs that crypto touches on is more than people realize.

Only a few of the job titles include:

• Full stack developer
• Engineer or developer of blockchain support technology
• Business strategists with a crypto background
• Authors of technologies or cryptocurrencies

Creation of a trading platform

Trading Platforms can be created using blockchain technologies. They are especially useful to allow a diverse group of organizations or individuals to exchange assets that are not usually readily available in the same system.

Using blockchain, a level of transparency allows certain parts of an asset to be traded and others left alone in much the same way as derivative contacts in the financial world do.

Such platforms can bring together teams of people with diverse backgrounds who naturally complement each other, but who do not usually work in partnership.

For startups interested in cryptocurrency craze, this is an exciting time. The only question is, in what direction do they want to take it?