Hello I am the product manager for the group within Xero which looks after the currency capability.
I follow the digital currency space closely, I find it incredibly interesting both sociologically as well as technically. However as a product manager my role is to ensure that my engineering group works on the things that create the most value, for the most people, and in alignment with the company's long term goals and aspirations.
Digital currencies continue to have an extremely passionate, but also extremely small group of users who want to see them handled in Xero. The cost remains very high for us to deliver this feature, and does not make a difference to enough peoples lives to justify that investment. There are a lot more touchpoints than many people appreciate to implement crypto properly. Huge decimal precision, UX, currency rate feeds, revaluation logic, reporting - all need changes to support this in the way that needs to be done to allow proper accounting.
Digital currencies aren’t prioritised in the next year, but our group is working on other initiatives which lay the groundwork so that in the future I truly believe we will be able to justify working on crypto, and that what we produce will be world class.
I continue to monitor this thread and I look forward to sharing news that is more in line with what you hope for in the future.
Hello I am the product manager for the group within Xero which looks after the currency capability.
I follow the digital currency space closely, I find it incredibly interesting both sociologically as well as technically. However as a product manager my role is to ensure that my engineering group works on the things that create the most value, for the most people, and in alignment with the company's long term goals and aspirations.
Digital currencies continue to have an extremely passionate, but also extremely small group of users who want to see them handled in Xero. The cost remains very high for us to deliver this feature, and does not make a difference to enough peoples lives to justify that investment. There are a lot more touchpoints than many people appreciate to implement crypto properly. Huge decimal precision, UX, currency rate feeds, revaluation logic, reporting - all need changes to…
The scope should include stablecoins in USD, EUR, and other major fiat currencies. We currently accept and make payments using stablecoin alongside traditional banking rails. They [stable coins] are much faster and cheaper for us to pay for goods and services.
I know it is a single data point, but since offering payment options in crypto, we have seen more clients pay in crypto.
Hugo Elliott
supported this idea
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+1 to adding this feature.
The scope should include stablecoins in USD, EUR, and other major fiat currencies. We currently accept and make payments using stablecoin alongside traditional banking rails. They [stable coins] are much faster and cheaper for us to pay for goods and services.
I know it is a single data point, but since offering payment options in crypto, we have seen more clients pay in crypto.
For those @ Xero monitoring crypto adoption - Chainalysis do a good report on this. https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/