Managing Bitcoin Operations? Here’s How Salesforce Automation Helps

“Digital currency is here to stay, and it’s only a matter of how long before governments embrace it.” — Brad Garlinghouse (American Businessman)

Doomsayers had heralded the “crypto winter” many years back. But the truth is that once an experimental fintech product has actually matured and gone mainstream. It has penetrated various industries with different applications.

Many cryptocurrencies have come and gone, but the OG, Bitcoin, still stands strong. Yes, many price fluctuations came about, but being the oldest and most well-regarded, it’s still widely used.

But managing Bitcoin operations is not so straightforward. 

In this guide, I’ll tell you about Salesforce automation solutions that can help you manage your Bitcoin operations. The following sections list how they centralize all your Bitcoin operations, automate onboarding and compliance, while streamlining high-volume transactions.

Centralizing the “Crypto Customer” View

With Bitcoin, you might get the payment, but you never get to know who actually made it. And for modern businesses, data is equally important as finances. But the blockchain infrastructure is such that you can’t do anything.

However, using Salesforce automation (SFA) tools allows businesses to bridge this gap by linking on-chain activity directly to a comprehensive CRM profile that offers far more value than the mere transactions themselves. Using this option allows SFA to sit alongside crypto exchanges like ZOOMEX and create a layer of interaction as soon as the customer is onboarded, and throughout the lifecycle of their dealing with your company. 

Essentially, SFA allows you to continue working within the existing framework of understanding the who, why, and where of your customers, even when using modern forms of payment that have traditionally been favored by those seeking a little more anonymity. 

INTERESTING FACT
Compared to traditional banking methods, crypto transactions save businesses about 3.5% on fees (Source).

Automating Onboarding and Compliance

No matter how big or small, how successful or failing the firm is, all of them are scared of shutting down. And the suspect responsible for that is usually incompliance.

So they must remain compliant with the unbelievable web of regulations that surround anything and everything to do with money and data. If a company is found to have breached any rule surrounding such things, they face:

• Lengthy legal battles
• Hefty fines
• Brand damage that is arguably the most damaging 

And, when it comes to a financial asset like Bitcoin, the regulations tend to become even more challenging. This is where something like SFA comes into play, by enabling a business to transform a multi-day manual verification process into a near-instant digital experience, both satisfying legal obligations and a customer’s desire for things to happen instantly. Salesforce solutions can act as a central orchestration of sorts. When a customer opts to use Bitcoin, they trigger an API call to a third-party verification service used in real-time. No middlemen, no waiting times outside of the lightning-fast digital operation, and instead a massive uptick in speed and efficiency. 

This automation doesn’t just speed up the “Time to Trade”. It also creates an immutable audit trail within the CRM that can be investigated by compliance officers, keeping both you and your customers insulated from any possibility of suspension and untoward financial activity. Handled manually and it would cause all manner of bottlenecks, not to mention the need to recruit and train an army of employees capable of handling the Bitcoin volume. 

Feature	Manual process	Salesforce automation
ID verification	24-48 hours (estimated).	Instant via API integration with other service providers.
Risk scoring	Spreadsheet-based assessment (open to human error and misinterpretation)	Dynamic scoring based on transaction history.
Audit trail	Fragmented chains that either don’t comply with regulations or take an inordinate amount of time to unify.	Centralized, timestamped history that is easy to parse and discover any anomalies (or not, as most businesses would hope).

Streamlining High-Velocity Trading Operations

Crypto transactions are quick and move in ways that differ slightly from standard fiat currency transactions. So, your auxiliary operational tools must keep up with them all the time. SFA helps in this regard by allowing firms to react to market activity as it occurs rather than after the fact. 

Bitcoin, and to a greater extent, the blockchain it operates within, has arguably been one of the most significant developments in the financial industry in the past couple of decades. But to use it as intended to gain maximum value, while remaining compliant with the law, SFA is necessary. It can automate most, if not all, of the tasks involved. 

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