Arrive AI (NASDAQ:ARAI) is set to implement Bitcoin for payments to its vendors, clients, and employees who would rather receive cryptocurrency than traditional currency.
CEO Dan O’Toole expressed confidence that cryptocurrency offers a superior payment method, noting that as the company expands globally, its workforce will appreciate having this payment option. He also mentioned he would be the first employee to receive his salary in cryptocurrency.
O’Toole referenced the cryptocurrency strategy of Micro Strategies, indicating a long-term vision that extends beyond Bitcoin. He mentioned plans to develop an Arrive Coin, a digital currency designed for transactions within their ecosystem, including employee payments, loyalty rewards, and vendor contracts. This proprietary currency aims to improve transparency, speed, and efficiency, while also giving investors a vested interest in the company’s growth.
Other potential uses for cryptocurrency may include maintaining cash reserves in Bitcoin and creating a Bitcoin-denominated fundraising program. A recent Deloitte survey highlighted that over 6,000 U.S. businesses are now accepting Bitcoin as a payment method, underlining the advantages of cryptocurrency in facilitating accurate revenue-sharing and efficient back-office processes.
Bitwage, a global payroll service provider, noted that many tech-savvy professionals prefer cryptocurrency due to benefits like instant payments across borders and reduced transaction costs. According to a Deloitte report, over 60% of Millennials and Gen Z view crypto as a vital element of the future financial landscape.
O’Toole emphasized that as a growing tech firm, Arrive AI aims to attract the best talent in the AI sector by offering competitive compensation options, including cryptocurrency and potentially their own digital token in the future. The company is in the process of tripling its workforce, focusing on AI scientists and software engineering roles to enhance its proprietary technology and products.
A recent CFO Signals survey revealed that 99% of North American finance leaders envision integrating cryptocurrency into their business functions in the long run, with nearly a quarter planning to adopt it for transactions or investments within the next two years. Cited benefits include improved customer privacy, efficient cross-border transactions, faster payment processes, and increased transaction volumes. O’Toole is also considering using cryptocurrency as a cash investment for the company.
About Arrive AI
Arrive AI’s patented Autonomous Last Mile (ALM) platform facilitates secure and efficient delivery from AI-powered mailboxes using drones, ground robots, or human couriers. It offers real-time tracking, smart logistics alerts, and advanced chain of custody management, thereby improving the delivery experience. Integrating with smart home systems, Arrive AI aims to make the last-mile delivery process seamless and convenient. Discover more at www.arriveai.com. View the company’s press kit here.
