Bitwage
FOUNDING YEAR: 2014
LOCATION: United States
Last Update: 19/01/2021
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About
Jobs and Wages for International Outsourcing FirmsWe create solutions for remote workers and firms looking for work and to optimally receive their wages. We offer unique jobs, flexible distributions, reduced payroll costs and increased fulfillment speeds.Website: www.bitwage.com
MEDICI Analysis
Bitwage is an automated international bitcoin payroll platform. The company allows employees to both receive a wage and pay for goods and services in bitcoin, and thus 'close the loop'
Focus
PRODUCTS & SERVICES
Provides international bitcoin payroll platform
REVENUE MODEL
1% on all volume.
MAIN CLIENTS
Retail business
EXISTING PARTNERSHIPS
Xapo
Bitreserve
PRIMARY PROBLEM SOLVED
Average cost of sending payments through correspondent banking takes 5 to 15 days with fees about 8% on average (world bank statistic). By leveraging blockchain technology, we bring these fees down to 1% and as fast as next day into people's local bank accounts. This is done without requiring clients or employers to sign up. This is important because a contractor is not going to convince a company like facebook to change it's entire payment strategy just to pay one contractor. Our system is so frictionless for the clients, that we already process payroll from companies such as facebook, google, GE, the world health organizations or even the US Navy.
INTELLECTUAL PROPERTY
Patent(s) FILED
company provided insights
Traction
COMPANY TYPE:
For Profit
REVENUE
$0 - $99k
REVENUE COMMENT:
550k USD processed last month. Annual Revenue calculated based off of ARR of last month. Growing 17% MOM for past 6 months.
NUMBER OF TRANSACTIONS:
1.00
TRANSACTIONS VALUE:
550 K
TRANSACTIONS COMMENT:
4m USD transacted since January 2015, 550k USD transacted last month, growing 17% MOM past 6 months.
ACTIVE USERS:
400
People
BOARD MEMBERS AND ADVISORS
John Lindsay
Kacy Grine
Joel Weise
Juan Llanos
Chris Haroun
Partner Artis Ventures
Joshua Schechter
NUMBER OF EMPLOYEES
1-10
INVESTORS:
Momentum
FUNDED
NO
NUMBER OF FUNDING ROUNDS
2
TOTAL FUNDING
$750 K
DATE OF LAST FUNDING
Dec 2016
IPO STATUS
Private
ESTIMETED REVENUE RANGE
Less than $1M
SEED & PRIOR FUNDING
$750 K
SEED CLOSED ON
Nov 2015
PRIZE MONEY
$61.32 K
LISTED
NO
company provided insights
Web Traffic
MONTHLY VISITS
11,017
AVERAGE VISITS (6 MONTHS)
12,638.29
MONTHLY VISITS GROWTH
19.68%
VISIT DURATION
2,269
VISIT DURATION GROWTH
-5.42%
PAGE VIEWS VISIT
26.5
PAGE VIEWS VISIT GROWTH
-6.55%
BOUNCE RATE
34.4%
BOUNCE RATE GROWTH
13.26%
GLOBAL TRAFFIC RANK
631,315
MONTHLY RANK CHANGE
-256,271
MONTHLY RANK GROWTH
-28.87%
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Bitwage
About
Bitwage is an automated international bitcoin payroll platform. The company allows employees to both receive a wage and pay for goods and services in bitcoin, and thus 'close the loop'
Focus
PRODUCTS & SERVICES
Faster & Cheaper International Wages for Employees and Contractors
REVENUE MODEL
1% on all volume.
TOP PROBLEM SOLVED
Average cost of sending payments through correspondent banking takes 5 to 15 days with fees about 8% on average (world bank statistic). By leveraging blockchain technology, we bring these fees down to 1% and as fast as next day into people's local bank accounts. This is done without requiring clients or employers to sign up. This is important because a contractor is not going to convince a company like facebook to change it's entire payment strategy just to pay one contractor. Our system is so frictionless for the clients, that we already process payroll from companies such as facebook, google, GE, the world health organizations or even the US Navy.
PRODUCT DEVELOPMENT STAGE
COMMERCIAL LAUNCH
PRODUCT DEVELOPMENT COMMENT
iOS & android apps. APIs.
KEY DIFFERENTIATORS
Faster, cheaper international payments through blockchain technology. Frictionless invoicing system that does not require sending to sign up.
PRIMARY CUSTOMER TYPE
Small and Medium Business - Physical Retail
Small and Medium Business - Online Retail
Small And Medium Business - Other
Consumer
Traction
ANNUAL REVENUE:
$0 - $99k
REVENUE COMMENT:
550k USD processed last month. Annual Revenue calculated based off of ARR of last month. Growing 17% MOM for past 6 months.
NUMBER OF TRANSACTIONS:
1.00
TRANSACTIONS VALUE:
550 K
TRANSACTIONS COMMENT:
4m USD transacted since January 2015, 550k USD transacted last month, growing 17% MOM past 6 months.
ACTIVE USERS/ACCOUNTS:
400 Million
LIVE USERS/TRANSACTIONS:
Yes, in live production
How will you grow the number of users/accounts/transactions?
Target youtube influencers in target local markets, partner with local distribution partners, hire local sales people, press releases.
CHANNEL STATUS
INITIAL CLIENTS
NUMBER OF CLIENTS OR PAYING CUSTOMERS
400
People
NUMBER OF EMPLOYEES
1-10
TEAM COMMENT:
Young, first time entrepreneurs with deep knowledge in the nascent blockchain industry. John Lindsay,Jonathan Chester met at Oracle. John Lindsay graduated from Stanford. Jonathan Chester is currently a contributor on forbes for all things bitcoin & blockchain. We look at problems from an untraditional perspective. E.g. when working with international payments, the unexplored place is Accounts Receivables. Why do payment processors like square only exist for credit cards,not bank payments?
BOARD MEMBERS AND ADVISORS:
Chris Haroun, Partner Artis Ventures, Steve Kirsch, Joshua Schechter
INVESTORS:
Momentum
FUNDED
YES
FUNDING COMPLETED
NO
LISTED
NO
FUNDING SERIES
Seed
Sep 2015
USD760 K
at a USD8 Mvaluation
Draper Associates
Orange Silicon Valley (through fab accelerator)
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