September 10, 2018 – Over the years, businesses have paid over $78 billion in fees related to credit and debit card processing. Cryptocurrencies are decentralized, so they do not require a bank to verify every transaction. This means businesses can eliminate those fees, saving two to five percent on each transaction, according to recent reports.
That said, the Stanton Chase Switzerland office is now accepting cryptocurrencies Bitcoin and Ethereum as payment methods, reflecting continuing engagement by the search firm in developing solutions around market and customer requirements.
“It is key for an executive search firm … to innovate solutions around the global markets and customer requirements,” said Lucas Schellenberg, managing partner of Stanton Chase Zurich. “Therefore, our decision to accept these main cryptocurrencies as means of payment is part of our strategic roadmap in continuously developing our technology practice group.”
|Check out our latest upload from Stanton Chase|
Stanton Chase Switzerland becomes one of the first executive search firms worldwide to accept cryptocurrency payments, and the change reflects the Stanton Chase “client first” philosophy, said Mr. Schellenberg. The customer base around organizations in a post-ICO phase has been increasing steadily and running on ERC 20 tokens (Ethereum Blockchain). “It was a logical step for Stanton Chase to align itself with customers on all levels.”
Mr. Schellenberg said that the amount of clients that are working in the blockchain industry is continuously increasing. “As many of these organizations are funded through an Initial Coin Offering and as such, they are capitalized with Ethereum as they released ERC20 tokens,” he said. “Therefore, our clients are increasingly asking to obtain solutions from us which they can pay with Ethereum.”
Impact on Businesses
Mr. Schellenberg said the transfers are executed fast and are very reliable without any need for intermediaries. “Also, the transaction fees are minimal, which we believe will lead to an increase in the usage of cryptocurrencies,” he said. “Whether these will be Bitcoin and Ethereum in the future, we cannot judge.”
Caldwell Creates Blockchain Advisory Council
Toronto-based Caldwell launched a blockchain advisory council aimed at driving the understanding, integration and implementation of blockchain technologies. The new offering for clients is in partnership with blockchain consulting firm, BTblock.
“Yet the fact that Initial Coin Offerings will continue to be a common vehicle for funding organizations there will be a continuous and increasing demand for companies to conduct their business by using virtual currencies,” Mr. Schellenberg said.
Stanton Chase’s Zurich team serves clients in all major industry sectors, multinational companies as well as small- and mid-cap players with a special focus on private equity / family equity hold companies. The local partners’ expertise covers not only the Swiss market but also offers regional and international experience. The Zurich team, with 25 years’ experience in executive search, have managed over hundreds of top and middle management level appointments since 2001.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Andrew W. Mitchell, Managing Editor – Hunt Scanlon Media