Bitwage Upgrades Bitcoin Payroll Service for EU Customers

Bitcoin startup Bitwage has moved to improve its payroll service for customers based in the EU, launching a new upgrade aimed at speeding up the process for users in the region.

Founded in 2013, the startup provides a means for employers to pay their workers in bitcoin or fiat currencies, using bitcoin as a way to quickly move money worldwide.

Bitwage said today it is now offering unique International Bank Account Number (IBAN) to EU customers who subscribe to its premium service, as well as those who see monthly transaction volumes in excess of €1,999.

An IBAN is a unique string of numbers signifying a specific bank account, and should see customers able to access wages more quickly. Previously, an EU-based customer might have found themselves waiting for a claim to go through.

"With our new unique IBANs, users receiving wages for EU companies no longer need to create deposit claims, as payment descriptions are no longer required for these transactions," the startup said in a statement.

San Francisco-based Bitwage further positioned the upgrade as part of a broader push into the European market, saying:

"We hope to bring our innovative solution from the US into the European markets so that people can begin receiving their wages in digital assets and leverage the solution for faster, cheaper payments across borders."

The firm raised $760,000 at the end of 2015 in a seed funding round, and just over a year ago moved to add support for credit card payments.

Europe image via Shutterstock