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Aprio’s Jagruti Solanki, at the recent 2019 Atlanta ACG Capital Connection, led a panel discussion on Blockchain technology and its uses for startups.
The panel discussion also classified some of the challenges the industry is facing.
Motive Partners’ Tommy Marshall stated,
There is a tremendous opportunity in the middle market to take advantage of blockchain technology for creating efficiencies and eventually revenue.”
Began in 2011, headquartered in Atlanta, BitPay is the largest blockchain payment solutions provider in the world. The CEO and Co-Founder of the platform, Stephen Pair, stated some of the obvious use cases followed current in the payments.
Since its inception, the company has built tools to enable startups to conduct payments on the blockchain. They even support bitcoin and many other cryptocurrencies.
Mr. Pair noted –
“For Middle-Market companies, about 40% of transaction volume at Bitpay (on about $1 billion in transactions) is involved in B2B transactions.”
Partner at Burr+Forman, Ed Snow, stated a veritable alphabet soup of regulatory firms interested in the industry.
“The SEC, IRS, and others view this relatively new technology for regulation. While this is not an agency, an important three letters to remember are the UCC. Commercial law views Crypto and the use of Crypto as property too. In fact, the bank can issue a lien against the assets including the Cryptocurrency.”