Green Sheet interviews Rory Herriman, CTO at CoinFlip

Recent cryptocurrency developments, such as the newly formed partnership between Google and Coinbase, reflect growing adoption of crypto schemes. The Green Sheet explored emerging trends in the cryptocurrency space with Rory Herriman, chief technology officer at CoinFlip, a financial services platform and Bitcoin ATM provider with more than 4,000 machines across 49 states and Canada. Following are excerpts from the interview.

How does B2B cryptocurrency usage differ from B2C transactions?

The use cases for the use of cryptocurrency in B2B transactions are just now starting to emerge. However, the predominant usage of cryptocurrency in B2B transactions today is in the areas of financial payments and settlements, such as supplier payments. These types of payments tend to be facilitated through stable coins to eliminate the risk of market fluctuation. We also see an increase in the use of cryptocurrency for B2C payment transactions as well. However, consumers tend to prefer cryptocurrencies such as Bitcoin for these purposes, which require payment acceptors to actively manage the market risk.

What factors are driving cryptocurrency adoption in the business world?

This is an evolving area. 12-18 months ago, we saw several companies begin to acquire cryptocurrency on the balance sheet as a potential hedge against inflation. This has recently declined as major cryptocurrencies have become more tightly correlated to the market. The primary factor driving the use of cryptocurrency for payments and settlement is certainly the near real-time nature of the blockchain and the ability to transact 24/7.

What attributes should companies look for in a cryptocurrency services platform?

As with any financial services solutions, cryptocurrency services platforms must be highly secure and fully compliant with jurisdictional regulations. Past that, it is really about ensuring that there is a product market fit with the feature set.

What inspired you to establish CoinFlip?

CoinFlip was founded on the belief that everyone deserves the right to participate in the cryptocurrency economy.

How are your services different than similar providers in your space?

At CoinFlip, we work hard to make access to cryptocurrency simple, secure and compliant for all. This is done through our global network of self-service kiosks where customers can physically buy and sell cryptocurrencies and through our OTC order desk where customers can get human assistance in the process.

What’s next for CoinFlip and can you share any details of your near-term product roadmap?

We are continuing to develop next-generation products and services that enable our customers to gain greater access to the global financial ecosystem and to leverage the power and capabilities of cryptocurrency and blockchain to introduce next-generation financial services products.

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