Bitwage
AcquiredBitwage is a global payroll platform that enables employers and freelancers to pay and receive wages in cryptocurrencies, stablecoins, or local currencies. The service supports payments in nearly 200 countries with same-day settlement options gliding seamlessly with existing financial tools for a flexible, compliant workforce payment experience.
- Financial Technology
- Blockchain & Cryptocurrency
- HR Technology
- Software Only
Funding
Raised to date
$2.3MRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
across 2 rounds
BCB+5$1.5M · Seed
Announced Oct 2021 · from article date
Disclosed cumulative: $2.3M
Founders
Product
Problem
Traditional payroll systems often involve high fees and slow transaction times, especially for international workers and freelancers. Converting currencies and managing multiple bank accounts can be complex and costly, reducing the overall earnings for both employers and employees.
Solution
Bitwage offers a payroll platform that enables employers and freelancers to manage wages in a mix of Bitcoin, stablecoins, and local currencies. The platform facilitates direct deposits to multiple wallets and bank accounts, streamlining the payment process. By allowing users to customize their preferred currency mix, Bitwage aims to provide faster transactions and improved currency conversion rates, reducing the financial friction associated with traditional payroll systems. The service supports both domestic and international payroll, offering a flexible solution for managing payments across different regions.
Target Audience
The primary target audience includes employers with international workforces, freelancers seeking flexible payment options, and employees interested in receiving wages in cryptocurrency or stablecoins.
Features
- Customizable payroll options with a mix of Bitcoin, stablecoins, and local currencies.
- Direct deposit functionality to multiple wallets and bank accounts.
- Same-day payout options across nearly 200 countries.
- Automated invoicing and expense tracking for freelancers.
- Integration with existing payroll systems and HRIS platforms.
- Compliant reporting to meet accounting, tax, and regulatory requirements.
- Dollar Cost Averaging (DCA) option for cryptocurrency allocations.
- Split deposits between local currency, stablecoins, and cryptocurrency.