Bankchain Briefing: ‘Just because the crypto application is badly designed doesn’t mean you throw out the blockchain’ – Paystand’s Gary Malhotra
- This week, we discuss the differentiation between blockchain and crypto, and why some in the industry believe that the crypto winter doesn’t negatively impact the outlook for blockchain as a whole.
- We also look at how bankrupt crypto lender Celsius Network’s customers face a major obstacle in winning back their deposits.
While many crypto firms shed jobs and struggle to stay afloat in the current crypto winter, one blockchain company, Paystand, claims to be on a fast growth and hiring trajectory.
Paystand is a cloud-based billing and payment service for B2B firms. It uses blockchain technology to offer a Payments-as-a-Service platform that digitizes the cash cycle, removes transaction fees, and automates the payments process.
Paystand says it has been growing at a rate of 100% a year for the past three years. Defying the current industry trend, the firm claims to be on a “hiring spree”, currently looking to snatch up engineers and other talent from crypto and web3 companies experiencing layoffs. Recently, the firm also acquired Mexican fintech Yaydoo to join the list of DeFi unicorns and expand into the Latin American market.
Gary Malhotra, Paystand’s vice president of corporate and product marketing, says it’s important not to paint blockchain with the doom and gloom of the crypto brush. He believes that just as the internet caused a universal shift in the production and consumption of information and winning companies emerged over time, blockchain firms will weather the current downturn while simultaneously changing the way we do business, including in the realm of B2B payments.
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