Bot Only Euro: the solution for companies that want to receive crypto payments without worries
Young Platform has developed a number of crypto services dedicated to companies and businesses, one of which is BOE, Bot Only Euro. With this automated functionality, companies receiving cryptocurrency revenues can automatically convert these into euros and thus simplify their operations.
A new revenue stream: crypto
More and more companies are accepting payments in cryptocurrencies, either because of the needs of their customers, who often demand to be able to spend their crypto-assets, or for internal predisposition. Indeed, some even choose to diversify their liquidity with cryptocurrencies, or include them in their investment portfolios. Consequently, accepting payments in crypto does not become a problem, but a plus.
There are numerous businesses to which the Bot Only Euro is dedicated, just think of import-export. Accepting Bitcoin and other virtual currencies can make international trade cheaper. If, for example, a partner company is based in a non-European country, where the currency has an inconvenient exchange rate, or whose banking system is inefficient, payment on blockchain can circumvent these obstacles.
Payments on blockchain are instantaneous, traceable, global, and therefore not limited by the banking or monetary system of the country in which one operates.
Moreover, on blockchain there is also the possibility of using cryptocurrencies with a stable price pegged to the dollar (the stablecoins), avoiding excessive volatility.
There is another frequent case of cryptocurrency adoption by companies: NFTs.
In 2020, the trend of Non Fungible Tokens was all the rage. These are blockchain-based digital objects that can represent works of art, collectibles or certificates. Thus, many brands and artists started to create their own collections: from fashion houses, to singers, to video games, these tokens have become a must-have for any entertainment brand identity.
But what does this have to do with cryptocurrency payments?
NFTs in most cases are purchased with cryptocurrencies, which go to the author, i.e. in this case the company or artist. In addition, they can generate royalties, as they secure copyright on the blockchain and the corresponding remuneration for the use of the artwork.
Consequently, any company that issued one or more NFTs could receive payments and revenues in cryptocurrencies.
These are just a few cases, but the development of Web3 holds many new scenarios, which we have yet to imagine.
Young Platform’s Bot Only Euro
Due to the success of the crypto and NFT market, the need to create support services for companies that want to seize these opportunities has emerged.
This is why Young Platform first introduced the Business Account on its exchange, so that any company can buy or sell crypto. To receive cryptocurrency payments on the Young Platform account, any company can simply share its wallet address with the customer. To generate your address you just need to initiate the deposit process.
Once you start receiving cryptos, however, you have to take into account that they vary in price and may therefore lose or gain value over time. As a result, they may complicate business accounting, and you may also have to pay taxes on them depending on your country’s regulation.
Because of this, many enterprises prefer to convert the cryptocurrencies they receive into euros, so that they also have more liquidity and can reuse it for operational expenses.
The BOE (Bot Only Euro) service does exactly that: every payment received on the company account is automatically and immediately converted into euros at the market price. The solution is flexible: you can select which cryptocurrencies to convert automatically, leaving open the possibility of not converting all of them.
Activating the BOE feature on cryptos avoids the fluctuation of their value, no capital gains or losses are generated, and consequently no income taxes are required to be paid on these crypto-assets (but be sure to check your country’s tax law). It also speeds up operations, as there is no need for manual sales transactions.