Latest topics
PEY Gets €300,000 in Seed Funding for Bitcoin Payroll Service
Page 1 of 1
PEY Gets €300,000 in Seed Funding for Bitcoin Payroll Service
Bitcoin payment startup PEY has raised €300,000 ($339,780) in seed funding for a new
The Hannover-based firm, which makes bitcoin point-of-sale (POS) terminals alongside a consumer app, attracted investment from a series of entrepreneurs, including the former managing director of multinational e-commerce company Zalando, Frank Biedka.
Ricardo Ferrer Rivero, founder and managing director at PEY, told CoinDesk:
"The new funding will be used to hire developers, pay lawyers for everything necessary to make in-depth checks on what we are offering to customers and to ensure that we find legal workarounds that help expand bitcoin adoption."
PEY will be launching the payroll solution this autumn, enabling companies in Germany – where the cryptocurrency is considered to be a financial instrument – to pay a portion of their employees' salaries in the digital currency.
"Currently we are using the fact that in Germany bitcoin is not considered a currency. Our lawyers and advisors helped us get legal and tax approval to do this correctly. We will be offering that for now only in Germany but we want to find similar workarounds in every country we enter," Rivero said.
Point of Sale
According to its founder, the startup – which gave away some of its POS terminals to merchants in Germany for free earlier this year – is also hoping for its devices to expand internationally.
"We have had a great reception to the terminals ... We also had a lot of people from around the world asking us how they could order them. We have put them all on a waiting list and will notify them as soon as we roll out internationally."
Despite PEY's recent venture, the startup does not yet have a revenue model. This decision, the founder claims, is attributed to the company's focus on offering value to both merchants and users.
"If we have enough happy people and companies on both sides, we are sure that we will find a way to earn money. When the time comes, we will start thinking of what is the best way of achieving this," he concluded.
http://t.co/GMATaRNifH
Ponee- Admin
- Posts : 38267
Join date : 2011-08-09
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Fri May 10, 2024 5:03 pm by kenlej
» Go Russia
Sun May 05, 2024 11:37 am by kenlej
» Go Russia
Sun May 05, 2024 10:51 am by kenlej
» Textbook Tony
Mon Apr 29, 2024 4:13 pm by Mission1st
» The Rockefellers and the controllers are freaking out right about now
Fri Apr 26, 2024 11:16 am by kenlej
» Phony Tony sez: Full Steam Ahead!
Sat Apr 13, 2024 11:51 am by Mission1st
» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Sat Apr 13, 2024 11:45 am by Mission1st
» Russia aren't taking any prisoners
Fri Apr 05, 2024 6:48 pm by kenlej
» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
Wed Mar 27, 2024 6:02 am by Ditartyn
» ZIGPLACE
Wed Mar 20, 2024 6:29 am by Zig
» CBD Vape Cartridges
Thu Mar 07, 2024 2:10 pm by Arendac
» Classic Tony is back
Tue Mar 05, 2024 2:53 pm by Mission1st
» THE MUSINGS OF A MADMAN
Mon Mar 04, 2024 11:40 am by Arendac
» Minister of Transport: We do not have authority over any airport in Iraq
Mon Mar 04, 2024 11:40 am by Verina
» Did Okie Die?
Mon Mar 04, 2024 11:34 am by Arendac
» Hello all, I’m new
Wed Jan 31, 2024 8:46 pm by Jonny_5
» The Renfrows: Prophets for Profits, Happy Anniversary!
Wed Jan 31, 2024 6:46 pm by Mission1st
» What Happens when Cancer is treated with Cannabis? VIDEO
Wed Jan 31, 2024 8:58 am by MadisonParrish
» An Awesome talk between Tucker and Russell Brand
Wed Jan 31, 2024 12:16 am by kenlej
» Trafficking in children
Mon Jan 29, 2024 7:43 pm by kenlej