Crypto

Bitcoin is crashing, but don’t rule out crypto just yet, says Intuit

People all over the world have been checking their cryptocurrency balances through cracks in their hands. Cryptocurrency exchange Coinbase recently laid off 18% of its workforce (1,100 jobs) as Bitcoin hits lows not seen since December 2020. According to CNN, Bitcoin has lost two-thirds of its value since its all-time high of $69,000 in November 2021 – 25% of its value in the last week only.

For Sasan Goodarzi, CEO of the global technology platform Intuit, the current collapse of cryptocurrencies does not spell the end of the technologies that have aroused the interest of those seeking decentralized systems.

“Technologies are not temporary,” he told CTech during his visit to Israel last week ahead of the latest crypto market crash. “Both blockchain and decentralized technologies… we believe in those technologies. We believe just like we believed in AI years ago, before everyone started talking about AI. We believe that blockchain and some of these decentralized technologies will actually enable much faster movement of money. Whether coins recover or anything recovers, we are not betting our future on the valuation of currencies, we are betting on the impact of technologies.”

Intuit is based in Mountain View, California, and doesn’t have as strong a brand recognition on Startup Nation. Despite this, Israelis might be surprised to learn that the company does, in fact, serve 100 million customers, with about 30% of its small business customers located around the world. Unlike something like Wix, which Goodarzi describes as a “storefront” for SMBs, Intuit serves as a one-stop shop for inbound and outbound transactions, surpassing the capabilities set by its competitors.

As such, it is essential that companies like Intuit, which employs nearly 350 people in Tel Aviv, keep up with changing technologies that could affect how people get paid. Goodarzi outlined three of his main focuses when he spoke with CTech: data, the application of AI, and cryptography, particularly blockchain.

“We define crypto as blockchain and crypto assets [such as] coins or NFTs,” Goodarzi explained. “The area that we are most interested in with cryptocurrencies is the blockchain and decentralized technologies because we are interested in the movement of money. We care about how we can help you get access to your money faster as a small business. The cool thing about blockchain and decentralized technology is that we think over time, we can really take away the friction and the time it takes for you to send an invoice, get paid on that invoice, take that payment, and deposit it directly into your account. bill.”

So as Bitcoin crashes today, financial management companies like Intuit intend to remain the stable ship that steers the course in the storm. Israelis may not be familiar with the company on a global scale, but Goodarzi has said that its local workforce has increased by 40% in the last year due to a natural thirst among Israelis to solve these problems. “From a technology perspective, they are attracted to the company,” he said. Blockchain capabilities and decentralized technologies will change the speed of money, from invoicing to getting money into the pockets of businesses. This remains the company’s area of ​​focus, even as people nervously log into their Coinbase accounts to check the value of their digital assets.

“Coins are coins,” Goodarzi added. “I used to say we’re not in the business of helping customers gamble and lose their money, and now that things have gone under, people are asking how I knew. It’s not about having a crystal ball, but about knowing that coins are coins, and it’s like the dollar, it’s like stocks: they’re going to go up, they’re going to go down.”

Today, the world of cryptocurrencies remains dull for most of those who have not followed its rise and fall over the past decade. Most people are still used to traditional banks, some are still happy to wait days for payments and many are still expecting to pay fees to institutions to store their money. When news of the decline of currencies like Bitcoin spreads, it can often cause concern about technologies in general. For companies like Intuit, the future of finance lies in the methods that already exist, not in the token values ​​currently being used as guinea pigs in the early days of new-age banking.

“We want to allow you to receive payments and payments through any currency, but our real interest is in the technology, not the currencies,” Goodarzi concluded.

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