Bitwage Introduces Bitwage Cloud Savings, Implements Bitreserve Connect

Bitcoin Magazine
Bitwage Introduces Bitwage Cloud Savings, Implements Bitreserve Connect

Bitwage, an automated international bitcoin payroll platform has partnered with bitcoin cloud-based financial service provider Bitreserve, to implement its newly developed platform called Bitreserve Connect and developed a new product called Bitwage Cloud Savings.

Bitreserve Connect, which was launched on June 16 at MoneyConf in Belfast, is a cloud-based bitcoin/money platform which allows businesses to:

Hold, send and convert money instantly — and for free — to anyone
Incorporate Bitreserve’s best-in-class anti-money laundering (AML) and know-your-customer (KYC) security and information infrastructure to ensure businesses meet regulatory requirements.
Conduct completely transparent transactions, where all money held, sent and converted can be traced in real-time;
Secure and protect customer deposits with one-to-one reserve backing.

Bitwage is one of the first four financial technology platforms to implement Bitreserve Connect. With the help of Bitreserve, Bitwage has introduced a new product, Bitwage Cloud Savings, which enables employees to store their payments in “9 currencies and 4 precious metals, including US dollars, Bitcoins, Euros, Pounds, Mexican Pesos, Indian Rupees, Gold, and Silver.”

Bitwage Founder and COO Jonathan Chester announced in a blog post:

From paycheck to paycheck, Bitwage users will be able to decide exactly how their salary is paid. Whether you are an Argentinian contractor wishing to hold US Dollars, a Russian software developer looking to hold Euros or a US employee who wants to be paid in a split between Bitcoin, Gold and Dollars, Bitwage gives the choice back to you. This is where Bitreserve Connect comes in, and where Bitwage makes an extraordinary leap forward. Earlier today, Bitwage announced a brand new product, Bitwage Cloud Savings. By integrating with Bitreserve, they are now offering their customers the freedom and flexibility to be paid not just in bitcoin, but in as many as 8 different currencies and 4 precious metals. Starting today, “Bitwage users will be able to decide exactly how their salary is paid.


Bitwage’s new product and implementation of Bitreserve’s technology solves the ultimate problem of employees and merchants: volatility.

Tim Parsa, Bitreserve CCO has explained that “those living paycheck-to-paycheck literally can’t afford volatility, and no one at any financial level should have to accept the possibility of a significant and unexpected salary loss caused by bitcoin,” especially in countries like Guatemala and Mexico, where he observed such inconvenience. He said it “means that for the unbanked and underbanked, there now exists a solution that allows them to participate in the global digital marketplace and avoid the slow, costly process of check-cashing services.”

There are two main motivations behind the new feature says Jonathan Chester, COO of Bitwage. Chester explained further in an interview with Bitcoin Magazine, “The first is to encourage more bitcoin transactions.  Through the Bitwage Cloud Savings service, users can receive their entire wages in bitcoin, without having to have their entire wage exposed to bitcoin volatility.  This makes it way easier for people to receive more of their wages in bitcoin.  As you spend out of your Cloud Savings account, powered by Bitreserve, you are creating a bitcoin transaction.  As we continue to grow the number of bitcoin transactions, the upward price trend will become less volatile.”

The second motivation is related to international payrolls, he said.  “Most international employees, contractors and freelancers want all the efficiencies of bitcoin without having to deal with the volatility risk involved or with Bitcoin directly.  This brings us one step closer to providing a solution that can be used for a global mainstream audience.”

Chester also explained that places with high inflation and huge costs in both time and money for receiving wages are in need of a system like Bitwage Cloud Savings the most.

“Argentina is a great example of where all three of these aspects intersect,” he said. “Employees and contractors often lose between 30 percent and 40 percent of their wages when sent from abroad just to hold the funds in a currency which had 40 percent inflation in 2014.”

There are also countries with just a few of these aspects, such as Greece and Brazil, he said.

“In Greece, inaccessibility is a real issue.  Many people are afraid they won’t be have money soon.  Being able to hold your funds in a currency you trust in the cloud instead of a bank in Greece which is likely to freeze your funds or even take some of it through government decreed bail-ins,” he said.

“So how exactly would you even be able to get into a cloud savings-like system if your bank accounts are froze?” Chester asked. “Your wages.”

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Equity Crowdfunding Platform Bnk to the Future Passes the $10 Million Invested Mark

In June, Bitcoin Magazine reported that Bitcoin investment fund Bitcoin Capital raised more than $1 million on the equity crowdfunding platform Bnk To The Future. Bitcoin Capital, a high-risk, high-return fund, is run by renowned financial journalist Max Keiser and Simon Dixon, co-founder of Bnk To The Future, an online investment website for crowdfunding small businesses mainly focused on financial innovation. They have now launched a second tranche for $5 million to invest further in the sector.

A recent Bnk To The Future press release titled “$10 million for Bitcoin and Financial Innovation, while banks scramble to adjust” reveals that, while the banks are trying to get their heads around the blockchain, Bnk To The Future relaunched its brand new platform and passed the $10 million invested mark super fast.

Sir Richard Branson was impressed enough to comment, “I like the goals on where everything is open and transparent and people can see what happens with their money.”

Another campaign recently funded on the Bnk To The Future platform is StartCOIN holdings, a company run by Keiser that raised all of its investment through the platform within 24 hours. But investors were able to invest using only cryptocurrency. The pitch was closed after it went into overfunding at 135 percent funded within 24 hours.

The campaign of ShapeShift, a company that allows people to exchange and spend digital assets as fast as sending an email, has more than €1.5 million pledged to it so far, with two days to go. The ShapeShift team believe that in the future assets such as gold will work the way bitcoin works, and spending them will be as easy as sending an email.

The pitch of Factom is very popular with investors right now and has already had more than €900,000 pledged. Factcom is bringing the blockchain technology to businesses after securing a contract to help the Honduran government record their land registry title deeds using bitcoin and the blockchain.

According to the press release, financial innovation and technology has found a new and innovative source of funding, and it appears that this is just the beginning of greater things to come. Bnk To The Future offers qualifying investors their first smaller investment for free.

Top banks such as Barclays, Goldman Sachs, UBS and most of the other major banks, are all trying to figure out how they can use blockchain technology, and investing in emerging financial technology. According to Santander, the blockchain technology behind Bitcoin can save banks $20 billion a year.

“We are looking to give financial innovation a home to raise finance from investors interested in funding the future of finance,” said Dixon. “We are more passionate about making banks less significant than funding technology that offers banks a cheaper way to commit more crime, but the blockchain is a technology that can be used by anybody, including banks,” was the satirical comment he gave at the recent blockchain conference filled with bankers hosted in the Barclays accelerator, after being invited to comment on their investor panel.

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