Bitwage Expands Payroll Blockchain To U.K.

Blockchain startup Bitwage has announced it is to expand its services into the U.K., as it continues to further its exposure to European markets.

The company, which offers payroll services globally via a dedicated blockchain system, is rolling out services in the U.K. as part of a wider push for growth, which the company hopes will make it easier for employers and employees to conduct U.K. payroll business in localized currencies worldwide.

Their blockchain, which was originally launched in 2014, enables employees to receive wages through a range of different methods, including Faster Payment, BACS, CHAPS, and Swift, directly to nominated bank accounts denominated in pound sterling.

Alongside these methods, there’s also the option for deposits directly to any currency wallet, for optimum flexibility in receiving payments.

Speaking on the expansion to the U.K., the company’s founder Jonathan Chester said it was the flexibility of the Bitwage service that would appeal most to U.K. employees.

“For workers in the U.K., this now means you are able to have more diversity in how you would like to receive your wages. You can split your wages at any percentage between many different bank accounts and digital wallets.”

The news follows recent attempts by Bitwage to bolster their European services, having launched unique International Bank Account Numbers for their European business over the last few months.

With some $760,000 of external funding raised to date, the company hopes to be on track to overhaul payroll services in the U.K., and by extension across its core European markets.

Payroll is one subset of financial services thought to be in a position to benefit from blockchain technology. More broadly, the financial services industry remains the major focal point for blockchain development, albeit far from the only sector set to benefit from emerging tech in this area.

Other sectors in line to benefit from blockchain solutions range from the automotive industry to gun control, logistics, farming and shipping, with diverse uses already in development worldwide.

With Bitwage rolling out services into the U.K. market, it remains to be seen whether the concept of blockchain-driven payroll will help the company gain a foothold in Europe, with a view to further expansion in the months and years ahead.