Bitwage Breaks Through the Quarantine Economy Towards Record Growth

By AIT News Desk On Apr 16, 2021

Bitwage has processed over $100MM in transactions for 2000+ companies, with over 50,000 users and has received more than $1MM in funding from Draper Associates, Candela Reach Capital, Plug and Play, BPI France and many others.

Bitwage, founded by Jonathan Chester and John Lindsay in 2014, is the world’s leading global cryptocurrency payroll service. Bitwage which is headquartered in San Francisco, has operations in the US, Europe, Latin America and Asia. Bitwage offers employer, employee, and freelancer services. Employees and freelancers are able to receive any percentage of their wage in Bitcoin, cryptocurrency, stablecoins or their local currencies. These workers can use Bitwage without their employers or clients by using unique bank accounts offered by Bitwage in the US, EU and UK. International users can also receive their wages faster & cheaper than traditional banking channels through blockchain technology, receiving crypto or fiat on the receiving end of transactions.

“Bitwage is the leading provider of Bitcoin & Stablecoin cross-border payroll, invoicing & benefits. We are at the cross section of two of the fastest growing industries today, remote work and cryptocurrency. Bitwage has performed $100MM in transactions and has over 50,000 users globally”, according to Bitwage Cofounder John Chester

Since the beginning of the Covid 19 quarantine, Bitwage has grown 65%. In 2020, Bitwage had an 18% net profit margin & 150% total asset turnover ratio.

To date in 2021, traffic to Bitwage’s website is up over 300% compared to February of last year and new fully on-boarded users are up 165%.

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According to leading cryptocurrency and blockchain investor Tim Draper “Bitcoin is now being used in every aspect of business, and Bitwage makes it easy for enterprises to use Bitcoin for payments of all kinds by simplifying payroll, accounting, and taxes anywhere in the world. I look forward to the time when we can operate completely in Bitcoin on the blockchain”.

Many of the Bitcoin ecosystem’s stakeholders also support Bitwage’s unique approach to Bitcoin based payroll services, “At Bitcoin.com it’s our mission to bring more economic freedom to the entire world through the promotion of peer-to-peer electronic cash. One of the best ways for individuals to onboard to cryptocurrency is by personally receiving it in payments. Being able to process our entire payroll in cryptocurrency is a huge undertaking that directly supports our mission. Bitwage makes that easy for the companies in this space. Bitwage’s sign-up is effortless and the user interface is quite simple to follow. It accepts funding via different modes which give companies flexibility in treasury management. One of Bitwage’s key functionalities is the ability for our staff to withdraw payroll in Fiat, cryptocurrencies, or stable coins of their choice. ” said Mohit Gupta Bitcoin.com Finance Controller

Bitwage’s clients also have high praise for this fast growing platform. As more US workers are electing to receive part or all of their paycheck in crypto currencies, these workers are not all in their 20’s without a mortgage, some are older and are choosing to diversify their traditional retirement accounts with crypto.

As the opportunities increase for vendors and companies accepting Bitcoin or other crypto currencies, employees may be able to start paying for items they need or want in crypto. Announcements from companies like Tesla, MasterCard, PayPal and Visa lend credibility to an evolving trend that consumers want more options for payment.

PaySolv HR, a US payroll, human resource services and benefits administration company has partnered with Bitwage to deliver wages faster, cheaper & easier across borders via the bitcoin blockchain. Some of PaySolv HR’s client companies are electing to give their employees the option of receiving part or all of their wages in crypto currencies.