Bitwage Raises $1.5 Million in Fresh Funding Round

Crypto-based payroll and invoicing company, Bitwage has raised $1.5 million within 55 hours of its latest round of funding. Bitwage’s aim is to use the funds raised, to improve its functionalities, seeing as it now has competition in Coinbase. The funding round saw participation from Max Keiser’s Heisenberg Capital and Draper Associates, making use of Bnktothefuture, an online investment platform.

Bitwage Raises $1.5 Million Dollars in 55 Hours

Bitwage, a pioneering company in cryptocurrency payrolls and invoicing services, has successfully raised $1.5 million in a funding round, which has now been closed. The round was carried out using Bnktothefuture, an online platform which allows registered investors to directly support projects. Surprisingly enough, Bitwage reached its goal in just 55 hours, after participations from Max Keiser’s Heisenberg Capital and Draper Associates.

According to the company’s CEO Jonathan Chester, realised funds will be used to further establish company’s status as the leading crypto payments service. Chester quickly recollected how Bitcoin payroll was just a niche for crypto anarchists back in 2014 when Bitwage started out. He admitted however, that the signs are there for Bitcoin and cryptocurrency payroll to become a great multi-billion dollar industry.

Bitwage’s Business Perhaps Boosted By Covid-19?

Many believe that Covid-19 pandemic may have played a part in the growth that Bitwage is experiencing at the moment. At least, for businesses in key Latam markets, the conditions were conducive for growing such businesses by 20 times. This is because at the time, people were forced to do remote jobs and cryptocurrency has now become an important part of the lives of these workers.

But as it stands, there might be fresh new problems ahead for Bitwage. Coinbase has also announced it will be offering a similar set of services for workers, who will now be able to receive part of their salaries (or all of them) in crypto. As a matter of facts, it is that announcement, that necessitated Bitwage’s fundraising in order to stay relevant.