After evaluating whether to integrate Web3 technology into operations, let’s imagine a scenario where, as a business, all payments and receipts are processed through virtual assets and cryptocurrencies. What would that look like?

## **Current Analysis of Cryptocurrency Operations in Enterprises**

In recent years, an increasing number of [companies have started experimenting with cryptocurrency strategies](https://www.tesla.com/support/dogecoin). This includes many Web3 startups and tech companies, as well as some traditional mid-to-large enterprises exploring the feasibility. Well-known companies like [Tesla](https://news.bitcoin.com/teslas-q4-balance-sheet-shows-bitcoin-holdings-worth-184-million/#google_vignette) and [MicroStrategy](https://www.notion.so/dcb49fd451be45da976d95e143c796b9?pvs=21) have publicly announced the inclusion of specific virtual currencies in their financial statements. According to surveys, by the end of 2022, over 2,000 U.S. companies worldwide accepted Bitcoin payments. These companies view cryptocurrencies not only as a payment tool but also as an investment and operational asset, highlighting the rising trend of using cryptocurrencies in daily operations.

## **Why Should Companies Consider Cryptocurrency Operations?**

Adopting cryptocurrencies in daily operations offers many advantages, making it an attractive option:

1. **Low Transaction Fees**
    
    In traditional financial transactions, companies often incur high transaction fees from centralized institutions like banks, third-party payment providers, or systems like SWIFT. The decentralized nature of cryptocurrencies, along with continuous advancements in blockchain technology, significantly reduce transaction costs, usually ranging from 0.4% to 1%. This means companies can save significantly on transaction costs by using cryptocurrencies, thereby increasing operational profit margins.
    
2. **Instant Cross-Border Transactions**
    
    The global applicability of cryptocurrencies allows for transactions beyond national borders without high processing fees or delays. Traditional foreign exchange or cross-border transactions often take one to several days due to multiple intermediary institutions. By using cryptocurrencies, companies can improve operational efficiency and reduce the risk of delayed fund flows.
    
3. **Decentralized Transactions**
    
    Without centralized institutions controlling transactions, the decentralized nature of cryptocurrencies provides companies with greater freedom and autonomy. Central banks and governments control the supply and transactions of traditional currency, which limits the flexibility of companies in utilizing funds. The decentralized structure of cryptocurrencies eliminates the need for intermediary institutions and is maintained by participants on a distributed network, reducing the risk of single-point failures. Companies can more flexibly plan asset applications and transaction activities without central scrutiny and restrictions.
    

## **Major Challenges of Cryptocurrency Operations in Enterprises**

In our article, "[Web3 Business Operations: Future Trend Or Current Necessity?](https://www.kryptogo.com/tw/blog/web3-business-operations-trend-or-need)," we explored the challenges enterprises face in developing Web3-related businesses. Let’s delve into the issues that need to be overcome when expanding to daily operations:

1. **Transaction Security Risks**
    
    Currently, there is no single platform that perfectly addresses the security inadequacies of using cryptocurrencies for transactions, especially in terms of hierarchical transaction review processes. Many solutions lack multi-level transaction review and authorization management, exposing companies to risks such as operational errors and misuse of transaction authority. Although some solutions offer "multi-signature" functionality to mitigate this issue, these service providers often charge high management fees or tend to serve large enterprises. However, in a well-controlled company, a hierarchical transaction review process is necessary to provide clear responsibility distinctions in case of security incidents.
    
2. **Asset Liquidity Risks**
    
    There are numerous types of cryptocurrencies, most of which are highly volatile. When allocating assets in cryptocurrencies, companies should first distinguish whether the assets are held as investment tools or operating funds. For operating funds, holding assets with high price volatility makes it difficult for companies to maintain stable cash flow in daily operations, posing a risk of capital shortage. Additionally, the valuation of assets on financial statements may lack legitimacy.
    
3. **Impact on Corporate Accounting**
    
    The current international accounting standards do not treat cryptocurrencies as equivalent to currency, and their nature is complex, making accounting and tax treatment different from traditional currency. When dealing with cryptocurrency transactions, companies need to accurately record their fair market value and perform detailed account tracking. Proper asset valuation definitions are required to ensure the accuracy and compliance of financial statements.
    

## **Challenge Solutions for Cryptocurrency Operations**

![image (21).png](https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/image_21_7102e817b5/image_21_7102e817b5.png)

### **Multi-Level Transaction Control**

In the [AssetPro module](https://www.kryptogo.com/products/asset-pro) of KryptoGO Studio, we have established a multi-level approval transaction management system to meet the needs of companies of different sizes. By decentralizing operator permissions, we ensure that every transaction undergoes thorough internal scrutiny, effectively preventing operational errors. In our system, managers can allocate transaction quotas for different authorization roles, ensuring that personnel at each level can only operate within their authorized scope, preventing abuse of authority.

### **Support for Stablecoin Applications**

Facing the volatility of cryptocurrencies, stablecoins backed by physical assets or pegged to fiat currencies offer relatively stable prices. Whether used as operating funds or further traded as investment tools, they are a priority for companies to hold. Our [AssetPro](https://www.kryptogo.com/products/asset-pro) and [wallet applications](https://www.kryptogo.com/products/wallet) support multiple stablecoins, allowing companies to directly manage their cryptocurrency assets through KryptoGO Studio and reduce risks brought by price volatility. Additionally, companies can achieve global instant transactions without paying high handling fees or waiting for TradFi processing time, improving operational efficiency and reducing cash flow delays.

### **Complete Transaction Record Tracking**

To ensure that companies accurately record every transaction when processing with cryptocurrencies, KryptoGO Studio's [AssetPro](https://www.kryptogo.com/products/asset-pro) provides comprehensive transaction recording functionality. The system automatically records detailed information of each transaction, including time, counterparty, amount, and transaction type. These records can also be reconciled with the risk review results from our [Compliance module](https://www.kryptogo.com/products/compliance-pro), facilitating financial auditing and compliance management for companies.

## **Conclusion**

While adopting cryptocurrencies as the main payment and transaction tool in operations brings many advantages, such as reducing transaction fees, achieving instant cross-border transactions, and decentralized trading, companies also face numerous challenges in the process, including transaction security, asset liquidity, and complex accounting handling.

KryptoGO Studio provides comprehensive solutions to address the pain points companies encounter in cryptocurrency operations, offering flexible, efficient cryptocurrency management tools and comprehensive risk management and compliance support. We help companies steadily advance on the path of fully adopting cryptocurrency operations. Whether your company is undergoing Web3 enterprise transformation or is already an established Web3 startup, KryptoGO Studio can provide tailored solutions to help your company achieve greater success in this rapidly changing era.

We believe that with continuous technological advancements and the gradual maturation of the market, fully adopting cryptocurrency operations will become a choice for more and more companies.

[Learn more about KryptoGO Studio and start your cryptocurrency operations journey now →](https://www.kryptogo.com/tw)

After evaluating whether to integrate Web3 technology into operations, let’s imagine a scenario where, as a business, all payments and receipts are processed through virtual assets and cryptocurrencies. What would that look like?

Challenges and Solutions for Using Cryptocurrency in Business Operations

Biweekly Dev Update: July 17, 2024

Biweekly Dev Update: July 3, 2024

Biweekly Dev Update: June 5, 2024

Biweekly Dev Update: May 22, 2024

Biweekly Dev Update: May 8th, 2024

Biweekly Dev Update: April 17th, 2024

Biweekly Dev Update: April 3rd, 2024

Biweekly Dev Update: March 20th, 2024

Making Sense of Decentralized Wallets: EOA and Smart Contract Explained

Biweekly Dev Update: March 6th, 2024

Centralized vs. Decentralized: The Ultimate Guide to Choosing the Right Crypto Wallet for Your Business

Navigating Compliance in Taiwan's Cryptocurrency Market: From Fraud Prevention to Enhanced Regulation

【Kind Reminder】Please be vigilant against scams. KryptoGO will never proactively ask you to make investment transactions.

Biweekly Dev Update: February 21th, 2024

Biweekly Dev Update: February 7th, 2024

Web3 Business Operations: Future Trend or Current Necessity?

Biweekly Dev Update: January 24th, 2024

Biweekly Dev Update: January 10th, 2024

Biweekly Dev Update: December 27th, 2023

Biweekly Dev Update: December 13th, 2023

Biweekly Dev Update, November 29th, 2023

Biweekly Dev Update, November 15, 2023

Biweekly Dev Update: November 1st, 2023

Biweekly Dev Update: October 19th, 2023

Biweekly Dev Update: Oct 4th, 2023

The Chatroom and Social Update: September 20th, 2023

Play-to-Earn vs. Blockchain Gaming: Rediscovering the Joy of Play

Product Launch Update: September 6th, 2023

KryptoGO Launches AI-Powered One-Stop Web3 Cloud Solution

Biweekly Update: August 23rd, 2023

The Keyless Wallet Update: August 9th, 2023

Biweekly Update: July 26th, 2023

Biweekly Update: July 12th, 2023

Biweekly Dev Update: June 7th, 2023

Unlock the Future: Passkey + DID + FIDO - Exploring the Next Generation of Digital Wallets and Identities

Biweekly Dev Update: May 24th, 2023

Biweekly Dev Update: May 10th, 2023

Biweekly Dev Update: April 26th, 2023

KryptoGO team wins three ETHGlobal Tokyo Hackathon Awards! Join hands with YGG Japan and IVC to lay out GamiFi industry

Biweekly Dev Update: April 12th, 2023

Help enterprises enter the Web3 world painlessly! What is WaaS?

Biweekly Dev Update: March 22th, 2023

How Much Does It Cost to Develop a Cryptocurrency Wallet on Blockchain?

How to Navigate the Metaverse: A Guide to 7 Different Types of Crypto Wallets

Virtual asset transaction service KYC, AML demand increased! KryptoGO Compliance work with Gaia Information  pioneered regulatory investigation engine

Biweekly Dev Update: March 8th, 2023

DeFi and KYC: Conflict or Coexistence?

Biweekly Dev Update: February 22nd, 2023

KryptoGO Wallet Updates: Supports Ronin chain, Personal Profile, Wallet Connect 2.0

Biweekly Dev Update: February 8th, 2023

Biweekly Dev Update: January 18th, 2023

Coinbase, the most compliant exchange, has been fined $100 million by the government and given a deadline to fix it.

Biweekly Dev Update: January 4th, 2023

Biweekly Dev Update: December 21, 2022

Biweekly Dev Update: December 7th, 2022

Biweekly Dev Update: November 23rd, 2022

Why can't you get your crypto assets back when the FTX exchange collapses? – Not Your Key, Not Your Coin

Biweekly Dev Update: November 9th, 2022

Biweekly Dev Update: October 26th, 2022

Biweekly Dev Update: October 12th, 2022

Biweekly Dev Update: September 28th, 2022

Things you should know about financial security in the Web3 era: How does token, private key, and wallet (account) work?

Collaboration for Web3 Game Wallets: YGG Japan, KryptoGO, and IVC Join Forces

Biweekly Dev Update: September 14th, 2022

Wanting to issue NFT but is complained about the difficult procedure? —Find out what the marketing pain points are from the “distribution process”

Biweekly Dev Update: August 31th, 2022

Crypto Wallets: Custodial vs. Non-Custodial Wallets

All You Need to Know About VASP FATF

Biweekly Dev Update: August 17th, 2022

Taiwan-based KryptoGO Secures US$3M in Seed Funding

Biweekly Dev Update: August 3rd, 2022

How to regulate virtual assets? –about FATF Travel Rule recommendations

FATF Methodology with the Rapid Development of Virtual Assets 

Different transaction monitoring mechanism between Fiat and Crypto

Biweekly Dev Update: July 20th, 2022

The difference between KYC & AML?

Always being a concern in the bank? Get to know “KYC” in 5 minutes

Biweekly Dev Update: July 6th, 2022

test 123123

Biweekly Dev Update — 20220622

Biweekly Dev Update — 20220608

Biweekly Dev Update — 20220525

3 NFT Tools Help You Manage NFT Assets More Efficiently

Checking the Security of a Crypto Wallet - Taking KryptoGO Wallet as an example

The key to bringing down the traditional application wall - Web3's Seed Phrase / Mnemonic

How do I know what chain to create my wallet on when using KryptoGO Wallet? 

From Metaverse to Your Real Life: Let’s talk about NFT identity and ownership verification

Top 3 Challenges in Regulatory Implementation for the Travel Rule

Why did we choose to develop KryptoGO wallet?

Why is DeFi Eating Traditional Finance?

Mistracking undercounts revenue by 60%…  Why is it so hard to track DeFi's performance returns?

A Debate On The True Value Of Blockchain.

Challenges and Solutions for Using Cryptocurrency in Business Operations

Recommend Articles

Hot Articles

Hot Tags