Bitwage Raises $1.5 Million in Latest Funding Round

Bitwage Raises $1.5 Million in Latest Funding Round

bitwage

Bitwage, the pioneer cryptocurrency-based payroll and invoicing company, has raised $1.5 million in its latest funding round. The funding round had participation from Draper Associates and Max Keiser’s Heisenberg Capital, using Bnktothefuture, a platform designed for making online investments. Bitwage will use these funds to extend its functionalities, now that it is facing competition from Coinbase, which launched a similar service for U.S. citizens.

Bitwage Raises $1.5 Million Dollars in 55 Hours

Bitwage, one of the pioneer companies in cryptocurrency payrolls and invoicing services, has closed a funding round raising $1.5 million in the process. The round was undertaken using Bnktothefuture, an online platform that allows registered investors to support projects directly. The company reached its goal in 55 hours and had the participation of Draper Associates and Max Keiser’s Heisenberg Capital.

The funds will be used to further cement the status of the company in the crypto payments service. Bitwage’s CEO Jonathan Chester stated:

When we first started in 2014, Bitcoin payroll was just a niche for cypherpunks and crypto anarchists. The tailwinds are picking up for Bitcoin and cryptocurrency payroll to become a massive multi-billion dollar industry.


Covid-19 Powered Bitwage’s Business

The Covid-19 pandemic is said to have played a big part in the expansion and growth Bitwage is experiencing now. The conditions were conducive to growing business by 20 times in key Latam markets. This is because people were forced to do remote jobs that were located out of their areas, and cryptocurrency has now become a vital part of the lives of these workers.

Bitwage expects these changes in market working trends to keep causing business to grow in the short term. Chester stated that Covid-19 has acted as a “catalyst” for remote work industries and cryptocurrencies.

But there might be problems ahead for Bitwage, now that Coinbase has announced it will offer a similar set of services for workers, who will now be able to receive part of their salaries (or all of them) in crypto. Coinbase will support payments in more than 100 currencies offered by the exchange.

Coinbase claims it is partnering 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 the cryptocurrency-based payroll scene will be an interesting market in the near future.

What do you think about Bitwage’s latest funding round? Tell us in the comment section below.

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: