Our ability to allow users to receive any percentage of their wage in Bitcoin from any company has made us incredibly popular among users in the US and those receiving wages from US companies. Unlike the US, where workers typically have the ability to split their payroll into two accounts at the payroll provider level, workers in the EU receive their entire wage into a single bank account. Last year, we launched the ability to split your payroll directly on our platform, so that you could receive your entire wage through Bitwage and split between digital currencies and local currencies, such as Euro, USD or BRL.
Since receiving a grant from BPIFrance and moving half of our team across the world to Paris as winners of the French Tech Ticket, we have been hard at work looking to expand throughout Europe and improve our European solutions.
This is why we are happy to announce the launch of unique IBAN numbers for all users receiving wages in the EU. Now EU users have the first real option for a direct deposit into any wallet of their choice.
We are able to offer this through a new banking partnership we’ve made over the past few months. What does this mean for our EU users? Two major upgrades:
-Real-Time Transaction Viewing: All users receiving wages from EU companies will be able to see exactly when funds have been received by Bitwage. No longer wait for when Bitwage processes payrolls to know whether funds have been received.
-No Deposit Claims Required: Previously, when Bitwage received wages with ambiguous information on the description of the deposit, the funds would go through a claims process that requires the user to upload information that would prove the funds belonged to them. 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.
All Bitwage Premium will automatically be provided with these unique numbers. All users with monthly transaction volumes over 1,999 Euro may request unique EU IBANs as well.