Key takeout
- Arrival AI begins to compensate staff, clients and vendors with Bitcoin, and is considering further crypto initiatives.
- The company plans to launch its own token, arriving coin, for payments and incentives across the ecosystem.
According to a press release Monday, AI AI, an automated operational network registered with NASDAQ, which develops patented, AI-powered smart mailboxes, is planning to make payment options for vendors, clients and employees Bitcoin.
The company says CEO Dan O'Toole will be the first employee to accept Bitcoin compensation. Employees, contractors and vendors have the option to receive payments in Bitcoin if they prefer to do so over US dollars.
“We believe cryptocurrency is a better payment method, and as we continue to expand our footprint globally, we believe our peers are happy to have this option,” O'Toole said in a statement.
Arrival AI is also weighing the launch of Arvering Coin, a digital token that can be used to pay, contract payments, customer incentives and vendor settlements.
“Because our business is at the intersection of logistics and AI, our own digital currency could provide investors and users with a stake in the growth of our platform, while increasing transparency, speed and efficiency,” O'Toole said.
Arrival AI is now 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 follows a playbook of strategies that pioneered the company's Bitcoin financial model. Arrival AI will ultimately hold some of its cash reserves with Bitcoin and even launch a Market (ATM) Equity Program, made up of Bitcoin.
“By adopting the advent of Bitcoin, you can turn it upside down to 'cash' on your balance sheet.
