‘Cryptocurrencies are the best known use cases of blockchain technology’, Tommie (40) explains. ‘This currency represents a particular value in society that you can transfer without third parties. If you buy a car, you need the RDW; if you want to become the owner of a property, you need the Kadaster, and for the transfer of money you always require a bank. However, cryptocurrencies are transferred within a network of people, where transactions are registered in a decentralized way. Coincidence or not, this method was developed during the financial crisis of 2008 – a time when many people lost their trust in banks.’

Following a cryptocurrency And cryptocurrencies offer more advantages. ‘You can follow a crypto coin on its entire journey to regular currencies such as dollars and euros. That is why people with crypto assets are often willing to donate cryptocurrencies to charities and NGOs – as long as the currencies are not immediately exchanged for regular currencies’, Tommie says. ‘This enables donors to see how their donations are being used – and how much of it actually goes to the cause itself. It was quite a challenge for the non-profit organisation to transition to a crypto fund. So they approached Deloitte, because we are more than just an excellent audit firm – we also have a Web3-team with plenty of expertise in the field of blockchain. We understand both the old world and the new one.’

Successful introduction During the first stage of the project, three years ago, Tommie’s team built up extensive knowledge of the non-profit organisation. ‘What does it mean for an organisation to work with cryptocurrencies? Who are the stakeholders? How to receive cryptocurrencies safely, where to “stock” them securely, and how to distribute them afterwards? This, and more, is what we mapped. The set-up and introduction were a big success. Currently, the non-profit organisation has received various donations in cryptocurrencies.’ Recently the second stage of the project took place: the re-evaluation. ‘What has changed, what is the current situation? What new risks have emerged? How to deal with volatility? For the first stage we were paid in US dollars, but after the second stage the client – understandably - asked us if they could also pay us in cryptocurrencies.’

Practice what you preach At the time, that was not yet an option, even though Deloitte was already doing client projects in this field. ‘This was a great case of “practice what you preach”, so we investigated the potential in our own organisation. This internal project was almost a copy of the first project for the non-profit organisation. It was quite interesting to experience such a process from the other side of the table’, Tommie says excitedly. ‘I joined Deloitte five years ago to develop our ambitions in the field of crypto and blockchain. Our team consisted of people with various backgrounds, from cyber security to economics and from accounting to psychology. All of them had a strong affinity with crypto and blockchain. Outside of our “bubble”, there is often a lot of resistance. However, that was not the case at Deloitte. People had a very positive attitude towards crypto and blockchain. Eventually, the project lasted 6 months. And now we are the first of all Deloitte member firms (worldwide) and the first Big Four firm in the Netherlands to have a crypto wallet, so we can be paid in cryptocurrencies.’

The door to other revenue models ‘It’s a big step’, Tommie concludes. ‘For me, it’s the door to other revenue models. So much is happening in ecosystems like these – you really need to be ready for change. Part of the cryptocurrencies we received from the non-profit organisation were used to purchase a piece of art called “The Totem”. The ownership certificate is an NFT, which is also a sort of cryptocurrency, but unique and irreplaceable. It’s a digital token that proves that you are the owner. The Totem is located at our Amsterdam office (The Edge). It’s an excellent example of how to use digital currencies.’

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