Bitwage, the leading cryptocurrency-based payroll and invoicing company, has raised $1.5 million in its latest funding round. It was co-funded by Draper Associates and Max Keiser Heisenberg Capital, using Bnktothefuture, a platform designed to make online investments. Bitwage will use the funds to expand its functionality, as it now faces competition from Coinbase, which has launched a similar service for US citizens.
Bitwage raises $1.5 million in 55 hours
Bitwage, one of the leaders in crypto payroll and invoicing services, has closed a funding round that raised $1.5 million in the process. The round was implemented using Bnktothefuture, an online platform that allows registered investors to directly support projects. The company reached its goal in 55 hours with the participation of Draper Associates and Max Keiser Heisenberg Capital.
The funds will be used to strengthen the company’s position in the crypto payments service. Jonathan Chester, CEO of Bitwage stated:
When we first started in 2014, Bitcoin payroll was just the niche for cypherpunks and crypto anarchists. The tailwind is attracting bitcoin and cryptocurrency payroll to become a huge multi-billion dollar industry.
Covid-19 Supported Bitwage Business
The Covid-19 pandemic is said to have played a huge role in the expansion and growth that Bitwage is now experiencing. Conditions were favorable for business growth of 20 times in major Latin American markets. This is because people were forced to do remote jobs that were located outside of their territories, and cryptocurrency is now a vital part of the lives of these workers.
Bitwage anticipates that these changes in business trends in the market will continue to cause business growth in the short term. Chester mentioned that Covid-19 has acted as a “catalyst” for the remote work and cryptocurrency industries.
But there may be problems in the future for Bitwage, now that Coinbase has announced that it will offer a similar set of services to workers, who will now be able to receive part (or all) of their salary in crypto. Coinbase will support payments in more than 100 currencies offered by the exchange.
Coinbase claims that it has partnered with a number of companies, including Fortress Investment Group, M31 Capital, Nansen and Superrare Labs, to allow its employees to collect their payments in cryptocurrency. This means that the crypto-based payroll landscape will be an interesting market in the near future.
What do you think of Bitwage’s latest funding round? Tell us in the comment section below.
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