Bitcoin wage payment startup Bitwage raises $760,000

Bitcoin wage payment startup Bitwage has completed a round of funding, raising a total of $760,000.

Last Monday, Bitwage completed a $200,000 funding round on BnkToTheFuture.com, with Max Keiser’s Bitcoin Capital fund purchasing shares issued by Bitwage on BnkToTheFuture.com.

Bitwage spent several months raising funds, with investors including Cloud Money Ventures (the venture capital firm of Bitcoin company Uphold), venture capitalist Saeed Amidi (who is also an early investor in Paypal and Dropbox), French telecom group Orange, Draper Associates, etc. During this time, Bitwage also joined the startup accelerator program founded by French telecom giant Orange in Silicon Valley.

In an interview with Coindesk, Bitwage founder Jonathan Chester said the company will use the funds to build its infrastructure, especially to expand its business in the European market. In addition, he said the Bitwage team plans to invest a certain amount of money to improve the user experience and make it easier for customers to integrate Bitwage's technology.

He said:

“We are using the capital raised to simplify the user integration process.”

Investors who participated in Bitwage’s recent funding round praised the company’s practical impact, saying it could help drive bitcoin adoption as a reason for their investment.

Keiser used an analogy, saying, "In this case, we're betting on the jockey, not the horse."

Simon Dixon, CEO of BnkToTheFuture.com, said that Bitwage's successful financing has also attracted more investors to the BnkToTheFuture platform.

“Bitwage has promoted the use of Bitcoin as a form of wage payment internationally, allowing people to see the charm of Bitcoin. Bitwage is the most popular startup on the BnkToTheFuture platform.”

Julian Lee, a partner at Cloud Money Ventures, said that Cloud Money Ventures participated in the investment in Bitwage because Uphold had previously worked with Bitwage:

“Through our partnership with Uphold, Bitwage is able to solve the pressing issues multinational businesses face with international payroll and capital flows, with faster, more transparent, and lower costs.”

Original article: http://www.coindesk.com/bitcoin-payroll-startup-raises-760k-new-funding/
By Stan Higgins
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information