5 Crypto Services Every Business Needs

While cryptocurrency had a bit of a struggle, gaining acceptance from the mainstream, it has since risen to become one of the most in-demand asset classes in the world. This has meant that not only individuals but also businesses are taking advantage of cryptocurrency.

Whether this is businesses accepting crypto for their products and services, creating their own crypto tokens, or using it in the back end, the possibilities are limitless. If your business ever wants to get in on the action, there are a few services you want to get your hands on, some of which are as follows:

• Crypto Exchange 

If you’re going to deal in cryptocurrency, you’ll need to start off with a stash of your own. And for most people and businesses, a crypto exchange is the place to go when you need to get your hands on some tokens. An exchange can help you gain access to Bitcoin, major altcoins, and even smaller tokens. It can also be an avenue to sell your crypto stash when needed, so that should not be neglected.

The good news is that finding the right crypto exchange is a relatively straightforward process. Many popular exchanges offer accounts for both individuals and businesses, and there are tons of resources to choose the right one. For instance, a bitcoin.com.au review contains necessary information about the exchange, highlighting all of its perks, advantages and consideration points. Reviews like this bring all of an exchange’s interesting features together, making it easy for users to choose.

• Custody Services 

It’s not enough to simply have cryptocurrency at your disposal, but you need to have a worthwhile custody solution. As an industry rule, you should never use crypto exchanges as your primary site for storage, as this comes with risks. Instead, you want to invest in a custody solution, preferably an offline one. If you’d like to hold your crypto tokens yourself, you want to access a hot or cold wallet that is secure and can store the different types of tokens you’ll be using. Cold wallets are generally considered the safest form of crypto storage, as they are not connected to the internet at all.

If you don’t want to deal with the complexities of storing cryptocurrency, you can opt for a custody solution. This will essentially store your cryptocurrency for as long as you want and offer you easy retrieval. This means no dealing with passwords and recovery phrases and no worrying about the safety of your crypto, as custody services offer a guarantee.

• Tax Services 

These days, cryptocurrency is being examined more heavily by various tax bodies, and this has implications for you. If you’re going to be using cryptocurrency, you have to pay tax on it at whatever point you dispose of the tokens. Crypto tax varies from one place to another, and many people have gotten in trouble with the law for not properly declaring their crypto income. 

So, it is recommended that you hire a tax expert who has experience with dealing in cryptocurrency. They will make sure that you pay the adequate amount of tax on time and don’t end up in any legal hot water. Luckily, the popularity of crypto means that there are more tax experts specializing in it.

• Payment Processors 

If you’re going to be accepting cryptocurrency from your customers, you will need to work with a payment processor on the backend to make sure the tokens are accepted. Whether you are using BitPay or any other payment processor, these will give you the necessary infrastructure to accept the tokens. 

By embedding their software on the website's backend, you can add cryptocurrency as a payment option at checkout. This means customers can pay in crypto as easily as they would fiat currency, and this can open you up to a whole new demographic of users. Make sure to confirm the exact types of tokens that the payment processor supports, and make sure it is the cryptocurrencies you want to accept.

• Crypto Brokers 

Some businesses choose to simply hold their crypto stock in the long term, while others want to multiply it. If you’d rather have your cryptocurrency traded, in the meantime, to earn more profit, you might want to invest in a crypto broker. When dealing with institutional funds, a crypto broker could help you deal with not only the complexities of day trading but also with other complex trading tactics. 

This includes margin trading, investing in ETFs, and much more. More traders are specializing in making the most of the crypto market, and you might want to take advantage of this. You could very well see your company’s crypto earnings multiply, not just from sales alone but from trading.

Conclusion 

Starting your business journey with cryptocurrency can be one of the most exciting things you do. But like all things, there has to be a lot of care and consideration put into it. These services will make sure that your crypto use is both efficient and profitable. Whether these help you to accept cryptos, store them securely, or make sure the proper taxes are paid, everything should be above board.