Fun

Bitwage Raises $1.5 Million in Latest Funding Round

News Feed - 2021-10-05 05:10:15

Bitwage Raises $1.5 Million in Latest Funding Round


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. Canadian Bitcoin Mine Operator Facing $7 Million Fine for Setting Up Power Plants Without Permission NEWS | 1 day ago Russia, US in Top 3 for Crypto-Related Threats, Cybersecurity Report Unveils NEWS | 1 day ago Tags in this story bitwage, BnkToTheFuture, Cryptocurrency, Draper, funding round, Payments, Payroll


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Russian Crypto Mining Companies Are Expanding Capacity as the Country Becomes a ‘Preferred Hotspot’
Russian Crypto Mining Companies Are Expanding Capacity as the Country Becomes a "Preferred Hotspot" Crypto mining operations have been witnessing some changes wi
MIND of Pepe And Other AI Agent Tokens Eye Market Domination
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Arijit Sarkar12 hours agoMaine state treasurer to focus on handling abandoned cryptocurrency accountsAccording to official data available publicly, the state of Maine currently holds over $328 million in unclaimed proper
Tether signs MoU to promote crypto freedom in Turkey
Helen Partz9 hours agoTether signs MoU to promote crypto freedom in TurkeyStablecoin giant Tether is eager to learn about the possibilities of introducing new business lines into Turkey’s banking in cooperation with th
Cardano-Powered Flickto Looks to Be the Solution to Today’s Unfair Media Landscape and Aims to Become the Pioneer of DeMe
Cardano-Powered Flickto Looks to Be the Solution to Today’s Unfair Media Landscape and Aims to Become the Pioneer of DeMe press release PRESS RELEASE. Media firms should often be
Kraken considers dropping USDT in Europe ahead of new regulations
Ana Paula Pereira6 hours agoKraken considers dropping USDT in Europe ahead of new regulationsWith new regulations in Europe set to enforce strict limits on transactions and reserve requirements, Kraken is assessing its s
A Sea Change to Crypto Hits America, Again
A Sea Change to Crypto Hits America, Again A sea change is coming to cryptocurrency in America. It is likely to hit in two separate waves: a central bank digital currency (CBDC)
Hong Kong Mulls Letting Retail Investors Trade Crypto, Removing ‘Professional Investor-Only Requirement’
Hong Kong Mulls Letting Retail Investors Trade Crypto, Removing "Professional Investor-Only Requirement" The director of licensing and head of the fintech unit of Hong Kong’s
Bitcoin’s 5% Drop in Value Puts Pressure on BTC Mining Operations and Older ASIC Rigs
Bitcoin"s 5% Drop in Value Puts Pressure on BTC Mining Operations and Older ASIC RigsDuring the last seven days, the price of bitcoin has dropped 4.8% from a high of $9,700 on June
MetaGods Raises $3M Investment to Develop Play-to-Earn 8-Bit Action RPG
MetaGods Raises $3M Investment to Develop Play-to-Earn 8-Bit Action RPG press release PRESS RELEASE.MetaGods, the world’s first play-to-earn 8-bit action role-playing game bu
Pionex Is a Crypto Exchange With Built-in Automated Trading Tools You Can Trust
Pionex Is a Crypto Exchange With Built-in Automated Trading Tools You Can Trust sponsored The international Pionex cryptocurrency exchange has been one of the fas
Crypto trader turns $3K into $46M in one month as PEPE price soars
Zoltan Vardai7 hours agoCrypto trader turns $3K into $46M in one month as PEPE price soarsThe savvy cryptocurrency trader is up over 15,000 fold on his initial $3,000 Pepe investment in just one month.9639 Total views18