Bitways, a leading cryptocurrency-based payroll and invoicing company, raised $ 1.5 million in its latest round of funding. Dropper Associates and Max Keizer Heisenberg Capital participated in the funding round using Bnktothefuture, a platform designed for online investing. BitWiz will use these funds to increase its effectiveness, now that it is facing competition from Coinbase, which has launched a similar service for U.S. citizens.
Beatwaz raised 1.5 million in 55 hours
Bitways, one of the leading companies in cryptocurrency payroll and invoicing services, raised $ 1.5 million in the process and closed a fund. The round was conducted using Bnktothefuture, an online platform that allows registered investors to directly support projects. The company reached its goal within 55 hours and had the participation of Dropper Associates and Max Kaiser’s Heisenberg Capital.
The funds will be used to further enhance the company’s standing in the crypto payment service. Jonathan Chester, CEO of BitWiz, says:
When we first started in 2014, Bitcoin was a special place for pay-roll cipherpunks and crypto anarchists. Tailwinds are becoming a huge multi-billion dollar industry for bitcoin and cryptocurrency pay-rolls.
Covid-1 Pow driven bitwatch business
The Kovid-1 pandemic epidemic is said to have played a major role in the expansion and growth of bitways. Conditions were favorable for a 20-fold increase in business in the main Latam market. This is because people were forced to do jobs far from their territory and cryptocurrency has now become an important part of the lives of these workers.
Bitways expects these changes in market work trends to boost business in the short term. Chester said the Covid-1 has acted as a “catalyst” for the remote remote work industry and cryptocurrency.
But there could be problems ahead for Bitways, now that Coinbase has announced that it will provide a similar service for workers who will now be able to get some (or all) of their wages in crypto. Coinbase will support payments in more than 100 currencies offered by the exchange.
Coinbase claims that it is partnering with a number of companies, including Fortress Investment Group, M31 Capital, Nansen and Suprare Lab, to allow its employees to collect their payments in cryptocurrency. This means that the cryptocurrency-based pay-roll scenario will be an attractive market in the near future.
What do you think of Bitways’ latest funding round? Tell us in the comments section below.
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