Deloitte Joins Forces With NYDIG to Provide Bitcoin Advisory Services

  • Deloitte and NYDIG have partnered to provide joint advisory services to clients looking to adopt Bitcoin products and services in a compliant manner.
  • The two have shown a growing interest in cryptocurrencies, with one publishing crypto-related surveys, and the other enabling BTC payments.

Global professional services firm Deloitte has partnered with investment manager New York Digital Investment Group, or NYDIG, to promote Bitcoin (BTC) adoption.

According to a Monday announcement, the pair will jointly provide advisory services to clients wanting to adopt Bitcoin products and services. The initiative will assist companies, regardless of their size, to implement blockchain and Bitcoin-based services in different areas. These include banking, employee benefits, loyalty points, and reward programs, among others.

Deloitte and NYDIG launch Bitcoin adoption initiative

Global financial institutions, including banks, have been facing increased pressure to provide Bitcoin-related services, the announcement noted. At the same time, it has also been necessary to seek ways in which the uptake of digital assets will be legal and regulated. 

Richard Rosenthal, head of digital assets banking regulatory practice at Deloitte, said the alliance between the two firms meets both goals. Providing the highly demanded digital asset services, while maintaining regulatory compliance.

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.

Of note, the Deloitte and NYDIG partnership became active on June 21, according to Rosenthal. The initiative comes at a time when crypto markets are enduring a crisis, with Bitcoin down 50 percent since January. The executive notes that their goal is long-term and therefore unfazed by the currently wobbly market:

We take a longer view and expect that many companies will continue to build out their digital asset infrastructure and products.

Institutional crypto adoption

Deloitte is one of the “Big Four” accounting firms that has shown budding interest in the blockchain and cryptocurrency industry. In recent years, the company has conducted a string of surveys on the same subjects. Its unanimous conclusion has been that Bitcoin and other digital assets will become a critical part of the global economy.

Published in March, one of Deloitte’s surveys showed that Bitcoin has the potential to provide a faster and cheaper ecosystem for central bank digital currencies. Another published in June found that 75 percent of US merchants plan on accepting Bitcoin and other cryptocurrencies as payment in the next two years.

On the other hand, NYDIG has allowed its employees to convert part of their paycheck into Bitcoin since February. The company also raised $1 billion in late 2021, bringing its total valuation to about $7 billion.

NYDIG has also been one to conduct crypto research, with its latest produced in February. The results showed that transactions on the Bitcoin network had surpassed those on the American Express by more than 50 percent in 2021.

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