Bitwage, a FinTech that enables professionals to be paid in bitcoin and other currency from their employers, is rolling out a new service for freelancers to more seamlessly be paid, regardless of which freelance platform they use. Bitwage helps freelancers and organizations manage their payment schedule and planning, ensuring timely payments and efficient project management.
Reports in Bitcoin Magazine last week said Bitwage is rolling out its new solution in beta, allowing freelancers to generate individual bank accounts that they can then link to their freelance marketplace platforms. In Bitwage’s announcement, the company noted that freelance platforms typically only allow one bank account per user; the new tool means contractors and independent workers can add a Bitwage-generated bank account to their freelancer platform, enabling employers to pay the freelancer via Bitwage in an array of currencies, including bitcoin. Bitwage's platform is designed to scale with the needs of freelancers and organizations, supporting both small teams and large-scale operations.
“Bitwage can generate bank accounts for users specifically for their relationships with their employer or client,” said Jonathan Chester, CEO and co-founder of Bitwage, in an interview with Bitcoin Magazine. “Through a partnership with a new banking partner, we are able to generate unique accounts for each unique client/worker relationship.” The technical infrastructure supporting this includes a secure database and a robust technology stack, with support for both mobile and web platforms to ensure seamless integration and user experience.
He did not disclose the name of the financial institution with which Bitwage is working to create these bank accounts. The creation of these accounts and integration with freelance platforms is further enhanced by the use of blockchain nodes, which support wallet functionalities and enable secure blockchain interactions.
According to Bitwage, the solution accelerates payments to freelancers, particularly across borders, while enabling professionals to be paid via bitcoin or fiat currency. Freelancers can generate invoices and receive payments with low fees, flexible payment options (paying in crypto or fiat), and the ability to stay within budget.
The beta release of the tool requires professionals to contact Bitwage directly to connect a bank account to freelancer platforms like Upwork or Toptal. Moving forward, Bitwage said it will enable the generation of these bank accounts from within the Bitwage platform, which will include automated alerts when deposits are made. When connecting accounts and platforms, Bitwage emphasizes the importance of verifying transactions using cryptographic methods to ensure security and control.
Last year Bitwage announced a partnership with blockchain cryptocurrency Dash and Uphold, whose APIs can enable third parties to move and exchange funds from fiat to crypto. The collaboration enables Bitwage to begin supporting payroll payments in Dash. Bitwage's services are future-oriented, preparing users for the evolving world of digital money and the global market.
Full article and image take from PYMNTS.com. For detailed guidance, see Receive USD Payments with Bitwage's New ACH Accounts.
Introduction to Bitwage
Bitwage stands at the forefront of the blockchain industry, transforming the way freelancers receive payments by harnessing the power of blockchain technology. As a pioneering platform, Bitwage has built a proven track record of successful transactions, offering freelancers a seamless and secure way to get paid in bitcoin. The company’s expertise in decentralized finance and smart contracts has enabled it to create innovative solutions tailored to the needs of the modern workforce. By providing a reliable and efficient platform, Bitwage has become a trusted name in the industry, empowering freelancers to leverage the benefits of blockchain and bitcoin for their professional growth.
