In the current freelancing industry, many platforms only allow independent contractors to use one bank account. In addition to restricting freelancers to the use of fiat only, this can also cause significant lag times when employees work with companies overseas.
To try and solve these user problems, payroll and invoicing company Bitwage is introducing a freelance marketplace, allowing people to create multiple bank accounts to more smoothly process payments for freelancing and to accept crypto assets. The new platform is currently in beta.
“Bitwage can generate bank accounts for users specifically for their relationships with their employer or client,” Bitwage’s co-founder and CEO Jonathan Chester told Bitcoin Magazine. “Through a partnership with a new banking partner, we are able to generate unique accounts for each unique client/worker relationship.”
He explained that these unique accounts allow for faster confirmation of receipt of funds, easier accounting management and the ability to get paid from any client, employer or platform.
In other words, it’s possible for a much more diverse base of users to smoothly conduct payment transactions using Bitwage.
According to Chester, “A freelancer can receive from Upwork, freelancer, Toptal, etc and get paid in BTC or through crypto to receive fiat into their bank accounts faster and cheaper than the solutions offered directly on platform.”
He added that the company already sees usage “from users around Latin America, especially in Brazil, Argentina and Mexico,” so presumably there will be room to expand.
Chester went on to say that the company has “had many freelancers around the world asking for solutions that connect to freelance platforms.” The Freelance Marketplaces are “the result of many months of planning and building relationships,” and Bitwage is “hoping to soon announce connections into some other exciting platforms.”
While the platform is in beta, users can join by contacting Bitwage via private DM on its Slack channel or by emailing the company directly at firstname.lastname@example.org. Once it is fully launched out of beta, users will be able to create accounts through a portal and receive automatic deposit notifications via SMS, email and on platform.
“Bitwage is focused on being the global gateway between the crypto and fiat worlds in the context of worker/company relationships,” said Chester. “We are excited to continue innovating and introducing bitcoin to mainstream applications.”
Landon Manning is a freelance writer for Bitcoin Magazine.