Is cryptocurrency driving innovation in B2B payments?

Is cryptocurrency driving innovation in B2B payments?

Last week, PayPal confirmed that it was acquiring digital asset security firm Curv as part of a wider initiative to support cryptocurrency payments that began in the US in October. This came shortly after a partnership between Equals Group and Tap.Global, which will see the former provide cryptocurrency exchange services to both B2B and B2C customers. 

They’re the latest in a number of announcements that are seeing cryptocurrencies increasingly enter the B2B payments space – but how far could the development go?

Cryptocurrency support in B2B payments: Example services bringing cryptocurrencies to corporate payment products, including PayPal, Equals, TruckPay, Coinbase, J.P. Morgan and AloGateway

Cryptocurrencies are beginning to be embraced by the wider business world, with headline-grabbing highlights including the $1.5bn bitcoin purchase by Tesla. But in payments, particularly in the B2B space, they remain a fringe option. 

While blockchain – the technology that underpins cryptocurrencies – has been tested by a host of leading payments and banks, cryptocurrencies have been less widely used over concerns surrounding regulation, stability and corporate/banking partner constraints. 

Some organisations, most notably J.P. Morgan, have embraced the technology on their own terms with in-house tokens, but a small but growing number now appear to be responding to corporate demand for payments in well-known cryptocurrencies.

A surge of corporate support for cryptocurrencies has been predicted for some time, and so far, we’ve not seen the enthusiastic swell some have suggested. But with top-tier payments companies such as PayPal now supporting digital currencies, the tide may finally be turning. We’ll be watching developments in the space carefully, so keep reading for future updates.

How do B2B payments companies compare on pricing?

Read More About

PayPal’s stablecoin strategy: Why PYUSD could be key to payments

August 17th, 2023

Coinbase share price rises as cost-cutting yields profit in Q1 23

May 5th, 2023

How critical is crypto to Revolut’s growth?

March 9th, 2023

Sign In
Account Registration
By creating an account, you agree to our
Terms and Conditions
Please enter your email address
We'll send you instructions on how to reset your password.