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Australian consultancy to just accept cryptocurrency as cost

Australian consulting firm accepts cryptocurrency as a means of payment

Melbourne-based innovation specialist Collective Campus will now accept payments in various cryptocurrencies – including Bitcoin, Ethereum, Ripple, Dogecoin, Bitcoing Cash and Shiba Anu.

Collective Campus helps startups and large companies alike to develop an innovative mindset and keep pace with the world – by supporting design thinking, agile development, lean principles, digital marketing, data science and several other innovative business techniques.

Since its inception in 2015, the company has launched over 120 startups and provided consulting services to well-known clients around the world – including BNP Paribas, Microsoft, Metlife and King & Wood Mallesons. These and other customers can now pay the company’s fees through cryptocurrency – a move that reflects the company’s forward-looking ethos.

“In today’s fast-paced environment, it is critical that we adapt to change or we will be left behind,” said Steve Glaveski, chief executive officer of Collective Campus.

“The adoption of cryptocurrency won’t necessarily give us a competitive advantage, but it is about continuing to build and maintain a corporate culture that encourages new ways of doing things. The moment we come to terms with the status quo, we stop moving forward and ultimately go back. ”

Collective Campus follows the example of large consulting firms on a global level. EY Switzerland accepted its first Bitcoin payment in 2017, PwC Hong Kong followed shortly after with a similar move. The competitive Big Four economic consultancy firm KPMG also opened its crypto account in 2018 – and its Kuwaiti team accepts Bitcoin compensation.

A risky endeavor

Many more are likely to follow in a global trend that affects many. Cryptocurrencies, touted as the future of (alternative) money and as a faster, easier, more transparent and more accessible alternative to the current financial system, have also proven to be volatile units with frequent jumps and valleys.

Glaveski highlighted Dogecoin, which currently has a market cap of $ 30 billion but is widely ridiculed for its origins as a meme. Much of its value can be traced back to isolated social media posts from big business figures – including Elon Musk – who keep it out of most traditional investment portfolios.

Not an obstacle for Galveski, however. “While we value the risks associated with Dogecoin, we treat them like any other high-risk alternative asset class.”

“We don’t buy or wear more than we can afford to lose. We’ll take it as a small bet in a larger diversified portfolio. And we keep the majority of our funds in cash and in low-risk but reliable asset classes such as index funds. “