REPORT
velocity Capital Group is bullish on crypto as a means of payment. The company’s President and CEO, Jay Avigdor, told deBanked that the company is officially incorporating the cryptocurrency in two ways:
(1) Brokers can now opt to receive paid commissions in cryptocurrency instead of cash.
(2) Merchants can now choose to be funded via cryptocurrency instead of cash.
In both cases, Avigdor touted the speed at which cryptocurrency can change hands rather than waiting for an ACH or wire transfer.
“Our goal since day one of VCG has been to enable ISOs and traders to access capital as quickly as possible,” said Avigdor. “With VCG’s proprietary technology, we’ve been able to shift that mindset from ‘as soon as possible’ to ‘FASTER possible’.”
The company says it will use stablecoins (USD Coin and DAI) to conduct these transactions “to limit market volatility,” but depending on the merchant or ISO relationship, they would be open to transferring Bitcoin, Ethereum, etc.
Merchants funded with crypto would continue to have their future receivables collected through ACH, so part of the agreement would not change. The underlying deal is the same.
VCG pointed out that there are also potential tax benefits of paying in crypto.
Avigdor believes VCG is among industry peers the first Offer commissions in crypto. He went on to explain that this is just one piece of the puzzle and that there are plans to integrate the company’s technology in a way that would allow traders to access funding in less than 20 minutes from the time of filing to actually receiving funds.
Last edited: August 2, 2021
Sean Murray is that president and Editor-in-Chief of deBanked and founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on Twitter. Here you can see all future deBanked events.
category: cryptocurrency, cash advance for traders
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