Paystand: Pioneering Commercial Blockchain
As the CEO of Paystand, I am proud to say that we have been at the forefront of decentralizing the financial system since our inception. Our mission is to create a more open and fair monetary network through the business adoption of blockchain and Bitcoin technology.
The challenges facing the traditional financial infrastructure today, including the risk of central bank failures, have made it even more crucial to decentralize the finance networks. That's why blockchain has been core to both why and how Paystand was built.
The Beginning. In 2014, we launched as the first business payment processor to bridge traditional Fintech rails and blockchain.
Today, our core B2B payment network is built on a custom layer 2 eth blockchain protocol called Assurety. With over $5 billion in payment volume, this makes us one of the largest at-scale commercial uses for a blockchain.
How Paystand Uses Blockchain Technology Today
Assurety provides on-chain transaction-level verification, increasing transaction security, auditability, and decentralization. This protocol is also available for other businesses to use in API format for other general use cases beyond just payments.
Our corporate card product, 'the DeFi Card,' uses Bitcoin “sats” as the native loyalty point system. This system provides a risk-free way for corporates to earn an inflation-resistant digital asset by using their normal AP spend in USD.
We use eth-based smart contracts for certain business logic, including our dynamic discount product that allows companies to optimize cash flow timing and behavior between buyers and suppliers. We have even open-sourced these smart contracts so other businesses can easily remix them.
At Paystand, we also use blockchain and Bitcoin internally in various ways, including holding Bitcoin and Ethereum on our balance sheet, performing small-scale mining and staking, paying employees in Bitcoin, and partnering with a 401k provider so all employees can choose to allocate a portion of their retirement to Bitcoin and digital assets.
Our Paystand.org foundation's mission is to support, equip, and accelerate the adoption of Bitcoin in circular economies to drive increased financial inclusion through our community and the world.
My Customers-Come-First Commitment
As a blockchain-native company, we understand the importance of blockchain technology and its potential for creating a more decentralized financial system. However, we prioritize the value it enables for our customers, which is why we mostly talk about moving money radically faster, cheaper, and more efficiently.
At Paystand, we are committed to using blockchain to create tangible benefits for our customers and revolutionize the financial industry. We believe that by adopting blockchain technology, businesses can achieve radically better ROI in their cash flow, and we are excited to continue leading the charge toward decentralization.