Bitwage

cryptocurrencyblockchain

FOUNDING YEAR: 2014
LOCATION: United States
Last Update: 08/09/2020

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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

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

Steve Kirsch

John Lindsay

Jonathan Chester

Kacy Grine

Joel Weise

Juan Llanos

Chris Haroun

Partner Artis Ventures

Joshua Schechter

NUMBER OF EMPLOYEES

1-10

INVESTORS:

Bitcoin Capital

BnkToTheFuture

Draper Associates

Plug & Play ventures

Plug and Play

Saeed Amidi

Orange Silicon Valley (through fab accelerator)

Momentum

FUNDED

NO

TOTAL FUNDING

$750 K

DATE OF LAST FUNDING

Dec 2016

SEED & PRIOR FUNDING

$750 K

SEED CLOSED ON

Nov 2015

PRIZE MONEY

$61.32 K

LISTED

NO

Innovation Programs

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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:

Plug & Play ventures

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) Saeed Amidi BnkToTheFuture