With BitWage you can receive your wage in bitcoin instead of fiat money. The startup from California aims to strengthen its presence in Europe. To do so, it opened a new office in Paris and implemented the option to give every customer their own IBAN number. CEO Jonathan Chester explains why and tells of two classes of customers using BitWage.
The basic concept of BitWage is pretty easy to explain; you want to get your salary or your fee in bitcoin instead of fiat money like the dollar or euro, but your boss or customer does not want to touch such a thing like bitcoin. What do you do now? You register at BitWage, get a bank number of the startup, write this bank number on your invoice, and when the boss or customer pays, BitWage gets the fiat money and gives you bitcoin.
“First we helped companies to pay workers in bitcoin,” BitWage CEO Jonathan Chester says, “but there have been a lot of issues around that. Basically, the companies have been afraid of the technology.” In late 2014 BitWage introduced the option to “allow workers to receive wages in bitcoin without the company to sign up.” And since then the startup is on a growth path. As of today, BitWage has around 11,000 customers globally and an impressive monthly growth rate of five to 20 percent.
Since as little as ten to 15 percent of the payment volume of BitWage serves the European markets, the startup is currently trying to gain a bigger foothold on the continent. After receiving a grant from the French government, BitWage recently opened up an office in Paris. Besides expansion of their presence, the company wants to win new customers with a new and special product; every customer can get his own IBAN