Bitwage
Bitwage is a payroll processing platform that allows remote employees to receive their paycheck in crytocurrency, stablecoins or local currency.
Website: https://bitwage.com/
HQ: San Francisco, CA
Active Markets: Global
Problem Addressed
The rise of remote work means many companies are hiring foreign remote workers, creating additional hurdles and difficulty in managing international payrolls, often requiring navigation around different tax laws, classification risks, longer processing timelines and fees to send paychecks globally. In addition, overseas workers in countries with volatile currencies may prefer to receive their payments in alternative currencies, including the US dollar.
Project Description
Bitwage is a global payroll platform that allows employees to receive their paycheck in cryptocurrencies or stablecoins. Employees can set up their paychecks to be sent to Bitwage, which then automatically converts the paycheck by buying the mix of cryptocurrencies, stablecoins and fiat currency that the employee designates, and deposits those currencies into the employee’s designated wallet or bank account, for a small fee (Bitwage charges fees on deposits: 1% on local currency deposits and 2% on stablecoin deposits). Remote workers can choose to receive their income in stablecoins tied to the U.S. Dollar or another currency which can be off- ramped to local currencies, all in the same payroll system as is used to pay local or domestic employees. Bitwage can be used to pay recipients in fiat/local currency (USD, EUR, GBP, CAD, AUD, ARS, BRL, MXN, PHP), stablecoins (USDC, USDT, DAI, CUSD) and cryptocurrencies (BTH, ETH). Bitwage payments can process in minutes or hours, bypassing intermediaries and reducing costs as compared to wire transfers, allowing businesses to save up to 80% in foreign exchange fees.
Business Data
Status: Active
Constituency Served: Small Business Owners, FinTechs, Enterprise, General Public
Networks: Ethereum, Stellar
Known Investors: BnkToTheFuture, Draper Associates, Heisenberg Capital, Patrick Spaulding Ryan, Cloud Money Ventures, Draper Associates, Saeed Amidi, Bitcoin Capital, Orange Silicon Valley, Plug and Play
Additional References: Bitwage usage in Argentina
Progress to date
As of January 2025, Bitwage has processed $400 million in crypto payroll, serving more than 4,500 businesses and companies in over 100 countries. Bitwage can be used to pay workers in 200 countries. 55% of its customers are based in Latin America (55%), 20% in the US, 10% in Europe and 10% in Southeast Asia, highlighting Bitwage’s usefulness in paying workers globally, many of which choose to get their payments in stablecoin. Bitwage has also begun integrating within Human Resources Information System (HRIS) platforms, allowing companies to sync Bitwage with existing payroll and HR systems. Bitwage can be used to pay workers in 200 countries.
Business Model
Bitwage sells their payroll platform plans through premium and enterprise subscriptions for corporations and businesses, offering accounting automation tools and opportunities for employees to recieve their income in a mix of different cryptocurrencies, stablecoins and fiat currency. Bitwage also charges fees on deposits (1% on local currency deposits and 2% on stablecoin deposits).
Traction
Bitwage raised $1.5 million in its seed funding round in 2021, bringing total funding to $3.1M in 5 funding rounds with lead investors Heisenberg Capital, Draper Associates and BnkToTheFuture.