Cryptocurrency In Business: Considering Crypto Corporate Accounts
June 14th 2021
So you are looking for ways to broaden your business, or you are considering new investment opportunities for your company. Well, have you considered cryptocurrency? Crypto is one of the investment options you should definitely consider.
Digital assets like Bitcoin
(BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Ripple (XRP) are very popular (meaning they are worth your pounds). And, now, there is a way for businesses in the United Kingdom to make their way into this space. Aside from the increasing value of crypto, organizations can leverage many other advantages by getting into this market.
In this article, we will tell you how your business can get involved with crypto and will explain its benefits.
Why Businesses Should Consider Crypto
The idea of becoming "Self-Sovereign" with your wealth was a major component of Bitcoin's whitepaper. The idea of a peer-to-peer digital and decentralized network would allow anybody to be able to transact, trade, barter outside of the "broken financial system” according to Satoshi Nakamoto, author of the Bitcoin whitepaper. While this point is still heavily published as the main feature and reason for crypto throughout social media by most crypto enthusiasts, being your own bank isn't for everyone.
While there are taxes to pay for cryptocurrencies, there are tax benefits that your organization can leverage. For instance, if you are mining crypto as a business activity, you get £1,000.00 worth of trading income tax-tree.
Expanding Company Balance Sheet
Acquiring cryptocurrency through your organization and using it as a company investment or an additional function of your business if you trade is a great way to expand your company’s balance sheet.
Your crypto will fall under the assets in your balance sheet. Since your assets are essentially a depiction of your capability to generate and maintain operations, expanding your balance sheet shows that your growth is on the rise.
As a private or personal investor, trading fees can get quite pricey. However, if you create your corporate crypto account using the right provider, you will likely get discounted trading fees. In the end, this can give you great value for money.
How Businesses Can Get Involved With Cryptocurrency
Whether you are a UK business owner, property investor, or a consultant with a limited company, you should look at crypto as an investment opportunity. But how do you get started?
First, you need to set up a business account
using your Limited company details. You will have to add bank details so that you can deposit and withdraw once you start making profits. With coinpass, you can set one up in minutes. You get discounted trading fees (one of the benefits we mentioned above), secured and insured storage for the utmost peace of mind, and you can easily do your crypto business via the web or API.
Once you get your account up and running, you are ready to go. Below are some of the ways you can use your corporate crypto account.
1. Run Your Over-The-Counter Trading And Crypto Brokerage
You can be on the “desk” side of the OTC trading option. Here, you can increase your revenue using your current clients, and you can help onboard new clients very quickly to expand your books further.
You have the option of settling large orders in either crypto or fiat currency, and as such, have great flexibility. In addition, you get volume discounts for large and recurring orders. Finally, with coinpass
, you get deep liquidity up to 100 BTC in one order alone.
2. Institutional Trading
Using your account, you can also participate in institutional trading
or buying and selling financial assets - or cryptocurrency in this case.
You may have several concerns about compliance or security. Once again, with coinpass
, you need not worry about it. The platform is registered with The UK Financial Conduct Authority and offers high-security levels for your clients’ cryptocurrency and fiat funds.
3. Develop A Crypto Product
Another option you have with your business account is to build a crypto product. Your organization can design whatever solution you want. Powered and supported by coinpass
, you focus on building and forwarding your brand rather than getting held back by the technical aspects. Everything from onboarding to KYC will be taken care of through the platform using the exchange as a service
Organizations are often two-minded about getting involved with cryptocurrency, whether it be through investing, trading, or becoming a broker. However, it is both safer and easier than you think. By creating a business account with coinpass
, all types of companies can get in on the action to level up their institution.
You could decide to run a brokerage or simply buy, trade, and sell crypto using your business account. The benefits that you can leverage from doing this will be noticeable, particularly when it comes to expanding your balance sheet. So get started with coinpass