Professional services giant Deloitte is getting serious about bitcoin (BTC) amid the ongoing market downturn, setting up a major initiative to boost BTC adoption.
Deloitte has partnered with bitcoin-focused financial services firm, New York Digital Investment Group (NYDIG), to help companies of all sizes implement digital assets.
According to a joint announcement on June 21, NYDIG and Deloitte are launching a strategic alliance to create a centralized approach for mentoring clients to adopt bitcoin products and services.
The companies will work together to enable blockchain and digital asset-based services in multiple areas involving bitcoin-related products, including banking, loyalty and rewards programs, employee benefits, and more.
According to the announcement, global financial institutions and banks are facing a growing demand to provide reliable exposure to bitcoin. The alliance between Deloitte and NYDIG aims to help accelerate adoption while ensuring compliance, said Richard Rosenthal, head of Deloitte’s digital asset banking regulatory practice:
“The future of financial services will be centered around the use of digital assets, and we are focused on advising our clients on ways to engage in a regulated and compliant manner.”
The news comes months after the NYDIG launched a benefits program in February 2022 to allow employees to convert a portion of their salaries into bitcoin. The company previously raised $1 billion in equity investments in late 2021, bringing NYDIG’s valuation to nearly $7 billion.
One of the “Big Four” accounting firms, Deloitte has become increasingly interested in cryptocurrencies like bitcoin in recent years, actively exploring the role bitcoin and other digital assets play in the global economy.
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In June, Deloitte published a survey that found that 75% of retailers in the United States plan to accept crypto or stablecoin payments within the next two years. Deloitte published another study in March that highlighted the potential of bitcoin to create a cheaper and faster ecosystem for electronic fiat or central bank digital currencies.