Today, Xapo is excited to announce our relationship with Bitwage. Bitwage is the world’s first bitcoin payroll provider, allowing individuals to receive all or a part of their salary in bitcoin without requiring their employers to onboard any third party payroll processor. Currently, many international contractors can lose up to 10% of every paycheck due to conversion fees, exchange rates, and other foreign operation fees. Xapo’s relationship with Bitwage can reduce many of these fees by providing certain Bitwage users with the Xapo debit card.
Starting today, all international contractors paid via Bitwage can sign up for a Xapo debit card, allowing more of their wages to stay in their pockets. By using the Xapo debit card, they will no longer need to convert their bitcoins to a local currency or search for bitcoin-friendly merchants. Bitwage users will now be able spend their bitcoin earnings at any merchant that accepts Visa cards, whether or not they accept bitcoin.
This relationship effectively completes the bitcoin payment cycle, allowing individuals to earn and spend bitcoin without ever touching fiat currency or using a traditional bank.
We expect this relationship to bring to light the positive benefits of using bitcoin as a payment rail, as well as its superior use for remittance payments, an industry worth $500 billion annually. Xapo’s debit card is still in beta and will be released to a wider audience soon. We do not yet issue cards in the US or India.