Bitwage

 
Bitwage payment service logo

Bitwage is a bitcoin payroll and international wage payment service allowing users to be paid or pay wages (wages in bitcoin, local currencies, and/or commodities).[1] Bitwage create solutions for remote workers looking for work and to optimally receive their wages. Bitwage offer unique jobs, flexible distributions, reduced payroll costs and increased fulfillment speeds.

Contents

With Bitwage, employers can pay salaries to employees in bitcoin or ether without having to bind a Bank account. This model is especially useful for those who regularly interacts with freelancers in other countries, the more that artists can get paid in their national currency.

Main information

  • Country: United States
  • Headquarter: San Francisco
  • Type: Financial Services
  • Round: Seed
  • Cost: $0.76 million
  • Date: 19-Nov-2015
  • Investors: Orange Telecom, Draper Associates, Cloud Money Ventures, Saeed Amidi

History

BitWage: The Future of Payroll

Founded in 2013 by John Lindsay and Jonathan Chester, Bitwage was originally created as a pure bitcoin payroll services for employers in July 2014. In November of 2014, Bitwage released a way for employees and freelancers to receive their wages in Bitcoin without requiring their employers or clients to sign up. Eventually, John and Jonathan realized that a large percentage of their volume were coming from a small percentage of their users. These were all international users. So in February 2015, Bitwage launched their international payroll services. Bitwage currently helps companies payout to their distributed workforces[2] and helps employees, freelancers and contractors receive their wages all over the world, including Philippines, Mexico, Brazil and Argentina.[3]

Bitwage was part of the Plug and Play Financial Technology Accelerator and the Orange Fab Accelerator, an accelerator run by Orange Silicon Valley, which is a subsidiary of Orange S.A., France’s largest telecommunications company. Bitwage competed as a finalist in BBVA’s 2015 Open Talent Competition in New York. In August 2015, Bitwage performed over $1 million in payroll transactions.[4] According to PC Magazine, Bitwage has processed more than $4.5 billion worth of payments to date. In December, Bitwage officially launched in India.[5]

In 2017, Bitwage won the French Tech Ticket and now has offices at Station F in Paris in addition to San Francisco. In November 2017, Bitwage added 18 new currencies including the Russian ruble.[6]

Transactions

For large international companies, the transition to payments in bitcoins is a certain convenience: payments take place in a few minutes instead of 2-4 banking days. In addition, in this way it is cheaper to send international financial transfers. You do not need to have a Bank account to receive money.

In the case of an ordinary Bank transfer from one country to another, the payment may pass through two banks, which will take a Commission for their services, and the employee will lose another conversion from one currency to another. In General, Bitwage is more convenient in all respects.

Bitwage scheme

The developers of Bitwage promise to make additional features for the service, including the calculation of bonuses and salaries almost in real time, that is, you can pay a salary at least every day.

Let us hope that the world’s largest corporations will switch to such payment systems in a few years. Some have already done so. So, about 60 000 companies in the world already accept payments in bitcoins, including Dish Network, Expedia, Holiday Inn, Reeds Jewelers, Bing, The Chicago Sun-Times, Square, Overstock.com, the Sacramento Kings, TigerDirect.com et al.

The creators of Bitwage conducted a study and found that about 10% of these companies also pay salaries to employees in bitcoins. Until now, they had to make payments manually, and now they can automate payments.

External links

See Also on BitcoinWiki

References

  1. ↑ Starting Bitwage An International Payroll Company That Uses Bitcoin
  2. ↑ Bitwage Uses Blockchain For Global Payroll
  3. ↑ http://www.nasdaq.com/article/its-2016-what-are-bitcoins-real-use-cases-cm611665
  4. ↑ Bitwage Usage Charts Bitwage. Retrieved 23 August 2015.
  5. ↑ Bitcoin startup Unocoin pairs up with Bitwage to improve global wage distribution
  6. ↑ Bitcoin Payroll Startup Bitwage Adds 18 New Currencies – CoinDesk