Paystand: Pioneering Commercial Blockchain
Key Takeaways
- Paystand advances decentralized finance, addressing risks in traditional banking through blockchain.
- Its Assurety Protocol on Ethereum enhances B2B payment security and auditability.
- The DeFi Card offers Bitcoin “sats” as a rewards model, countering inflation.
- Ethereum-based smart contracts streamline cash flow between buyers and suppliers.
- Paystand delivers fast, fee-less transactions, prioritizing customer-centric value.
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 the core of 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 $10 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
Assurety provides on-chain transaction-level verification, increasing transaction security, audibility, and decentralization. This protocol is also available in API format for other businesses to use for general use cases beyond payments.
Smart Contracts
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.
Business Operations
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.
Paystand.org
Our Paystand.org foundation's mission is to support, equip, and accelerate the adoption of Bitcoin in circular economies, driving increased financial inclusion in 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.
