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Arrive AI (NASDAQ:ARAI), an autonomous delivery network anchored by patented AI-powered Arrive Points™, is preparing to use Bitcoin cryptocurrency to pay its vendors, clients and employees who prefer it over traditional dollars.
"We think cryptocurrency is a better way to pay, and as we continue to expand our footprint globally, we think our associates will be happy to have this option," said Arrive AI CEO Dan O'Toole, who will be the first staffer to accept his compensation in cryptocurrency.
O'Toole said he is following the cryptocurrency strategy model established by Micro Strategies.
"Longer term, we see the opportunity to go beyond Bitcoin by creating our own token, an Arrive Coin. It would be designed for use across our entire ecosystem: paying employees and contractors, rewarding loyal customers, settling vendor contracts, and even streamlining transactions within our delivery network. Because our business sits at the intersection of logistics and AI, a proprietary digital currency could enhance transparency, speed and efficiency while giving investors and users a stake in the growth of our platform."
Additional uses for cryptocurrency the company will consider include keeping cash holdings in Bitcoin and instituting a Bitcoin-denominated At the Market (ATM) program to facilitate fundraising.
A 2024 Deloitte survey showed that more than 6,000 U.S. businesses accept bitcoin as a means of payment. An accompanying Deloitte perspective said crypto offers benefits that traditional currency doesn't, including real-time and accurate revenue-sharing and enhanced transparency to facilitate back-office reconciliation.
Bitwage, an international payroll services provider, says savvy tech workers prefer cryptocurrency because of its real-time payments across international borders, elimination of some transaction fees and the potential for added value from bitcoin marketplace value, among other considerations. Bitwage said crypto particularly appeals to blockchain developers, remote tech workers and Web3 professionals. The organization cited a 2023 Deloitte report that found more than 60 percent of Millennials and Gen Z view crypto as a key part of the future financial system.
"We're a tech company on the rise, and we need the absolute best minds in the AI space to help us continue to refine our platform and take advantage of AI-driven learnings as we go," O'Toole said. "Offering compensation in cryptocurrency - and potentially our own Arrive Coin in the future - is another way to attract and retain those people."
Arrive AI is in the process of tripling its staff to add artificial intelligence scientists, delivering on the company's commitment to be AI first in its operation and deliverables. Other jobs will include software and product engineering, underscoring Arrive AI's commitment to continuous refinements of its proprietary technology and patented products. Additional positions will support critical sales and marketing functions as the company prepares for widespread deployment.
Posted In: ARAI
