Key Takeaways
- Arrive AI will begin compensating staff, clients, and vendors with Bitcoin and is considering further crypto initiatives.
- The company plans to launch its own token, Arrive Coin, for ecosystem-wide payments and incentives.
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Arrive AI, a Nasdaq-listed autonomous delivery network that develops patented AI-powered smart mailboxes, plans to make Bitcoin a payment option for its vendors, clients, and employees, according to a Monday press release.
The company says that CEO Dan O’Toole will become the first employee to accept compensation in Bitcoin. Employees, contractors, and vendors have the option to receive payments in Bitcoin if they prefer it to US 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 O’Toole in a statement.
Arrive AI is also weighing the launch of Arrive Coin, a digital token that could be used for salaries, contract payments, customer incentives, and vendor settlements.
“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,” O’Toole noted.
Arrive AI is currently tripling its workforce, focusing on hiring AI scientists and expanding its software and product engineering teams. As the company expands internationally, management sees Bitcoin payroll as a tool to attract and retain top AI, software, and web3 talent.
According to O’Toole, the company is following the playbook of Strategy, which pioneered the corporate Bitcoin treasury model. Arrive AI may eventually hold a portion of its cash reserves in Bitcoin and even launch a Bitcoin-denominated at-the-market (ATM) equity program.
“Embracing the emergence of Bitcoin allows us to have an upside in balance sheet ‘cash’ which could be a great synergy in our economics,” he added.
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