Growing in a Bear Market: Hope and Opportunity Despite the Looming Recession
Amidst economic uncertainty, record layoffs, crypto market turmoil, and a looming recession, the current economic outlook is hardly optimistic. We're here, however, to offer some hope and shed some light on the opportunities just waiting for you to reach out and grab them.
As many crypto companies shed jobs and contracts like leaves from a tree, running aground for cover to wait out this bear market, it's essential to keep in mind that the current crypto market turmoil is not affecting the outlook for blockchain. In fact, just the opposite.
Betting on Blockchain
The crypto fallout has been caused by a Wild West atmosphere characterized by unbridled growth with few guardrails, where an unregulated atmosphere still prevails. But the blockchain-based financial system, as an underlying operating system, is solid, rapidly expanding, and offering unprecedented speed and security. Moreover, it provides a new digital economic infrastructure that can streamline the payment process, enable instant payment, cut out the intermediaries through peer-to-peer transactions, and reduce costs.
Anytime a set of related technologies and asset classes go through an up or downswing, there's an impact on the others as well. However, at the same time, blockchain innovators are quietly experimenting with, piloting, and adopting a wide range of enterprise use cases based on blockchain technologies. Here at Paystand, we're seeing the B2B payments volume on our blockchain-enabled payment network increase 100% year after year. The blockchain's decentralized and transparent nature democratizes money movement, allowing greater financial control, and it's instant, secure, global, and inclusive.
It's important not to paint the blockchain with the doom and gloom of the crypto brush. In the same way that an operating system underlies an application, the blockchain remains a solid foundation upon which many payments, banking, and finance applications are being built.
Blockchain companies are at a distinct advantage to pull ahead in the market and prove the sturdiness and value of the technology. Blockchain technology enables faster digital payment systems, resulting in savings for businesses, reduced DSO, and increased ROI. The interest in blockchain is broad across various use cases and driven by value creation.
Ultimately, companies must figure out alternative ways of managing and doing business. Now is a great time to put heads together and figure out how to power through, leading to a more robust business model. The companies that put in the effort are more likely to succeed after this shake-out.
Blockchain technology provides a level of decentralization and ledger immutability that's impossible with traditional and legacy banking and payment infrastructure, which is centralized and prone to manipulation. That fact remains a constant regardless of the levels of decline (or recovery) in the price of crypto. As a result, enterprise blockchains and innovative contract technologies like Ethereum (used by the Paystand network) provide and will remain a solid foundation for building payment, banking, and finance applications.
Blockchain will weather this current crypto downturn as it transforms every aspect of how we do business, including the realm of B2B payments — and your business can, too. We're a team full of blockchain advocates and missionaries, and we know that in uncertain times, your best bet is to bet on blockchain.
Newly hatched Unicorn: Paystand's secret sauce
Paystand has recently reached the coveted status of unicorn (a term reserved for privately held startups with a value over $1 billion) with our recent acquisition of Yaydoo — the LATAM leader in accounts payable, cash flow management, and liquidity solutions — as we surpassed $5 billion in payments processed and 500,000 connected businesses.
Our fusion with Yaydoo forms the world's largest B2B receivables, payables, and payments network running on a commercial blockchain, providing AP, AR, and payments synergy and unleashing unprecedented working capital efficiency for US and LATAM businesses in an inflationary environment.
As so many fintech companies close ranks to try and weather these turbulent economic times, what's Paystand's secret to consistent, steady growth? It's simple, really. Our "secret sauce" consists of three simple ingredients:
Sustainable and ethical business and payments practices; and
A "Dream Team" full of rebels, innovators, and entrepreneurs that nearly rivals the 1992 U.S. Olympic Men's Basketball Team.
Join the financial revolution
Are you interested in building a more open, equitable, and accessible financial industry? Are you curious how blockchain technology and digital currency could disrupt how we move money (for the better)? Are you passionate about making the world a better place and believe the economic system plays a big part in it? So do we. It's what we're all about here at Paystand, actually.
Paystand was born in 2013 to reboot our legacy payment system. In the nine years since, our sole focus has been building a better financial system with blockchain technology for increased speed, security, and no need for intermediaries to gatekeep transactions and no fees, no paper, and open industry.
Are you ready to join one of the fastest-growing startups in the U.S. and Latin America on our Journey to Zero? Paystand is hiring like crazy, and we'd love for you to be a part of our team of dreamers, innovators, and rebels rebuilding the commercial financial system from the ground up. Check out our careers page to find your next dream job and build an extraordinary career. We can't wait to meet you!