Deloitte and NYDIG set up alliance to help businesses adopt Bitcoin

Published at: June 21, 2022

Professional services giant Deloitte is getting increasingly serious about Bitcoin (BTC) amid the ongoing market downturn, setting up a major initiative to promote BTC adoption.

Deloitte has partnered with the 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 Monday, NYDIG and Deloitte are launching a strategic alliance to create a centralized approach for clients seeking advice to adopt Bitcoin products and services.

The companies will work together to enable blockchain and digital asset-based services across multiple areas involving Bitcoin-related products, including banking, loyalty and rewards programs, employee benefits and others.

According to the announcement, global financial institutions and banks have been facing an increasing demand to provide trusted exposure to Bitcoin. The alliance between Deloitte and NYDIG aims to help accelerate adoption while ensuring compliance, Deloitte's digital assets banking regulatory practice lead Richard Rosenthal said, adding:

"The future of financial services will center around the use of digital assets, and we are focused on advising our clients on ways to engage in a regulated and compliant way.”

Rosenthal told Cointelegraph that the partnership became active on June 21. The launch comes amid a major drop in cryptocurrency prices, with Bitcoin losing about 50% of its value since the beginning of 2022. "We take a longer view and expect that many companies will continue to build out their own digital asset infrastructure and products," the executive noted.

The news comes months after NYDIG launched a benefits program allowing employees to convert a portion of their paychecks into Bitcoin in February 2022. The company previously raised $1 billion in equity investment in late 2021, bringing NYDIG’s valuation to roughly $7 billion.

One of the “Big Four” accounting firms, Deloitte has been growing more interested in cryptocurrencies like Bitcoin in recent years, actively exploring the role of Bitcoin and other digital assets in the global economy.

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