Bitcoin payments startup raises €300K to develop payroll service
PEY, a Bitcoin payment startup, has raised EUR 300,000 ($339,800) in seed funding for a new payroll service. The Hanover, a Germany-based firm, which makes bitcoin point-of-sale (POS) terminals and mobile apps has attracted investment from a series of entrepreneurs, including the former M.D of Zalando, Frank Biedka. Speaking with Coindesk, Ricardo Ferrer Rivero, founder and M.D at PEY said, "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, focussing on bitcoin financial institutions, to pay a part of their employees' salaries in the bitcoin﻿.﻿

PEY, a startup engaged in bitcoin-based Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term through point-of-sale (POS) terminals and mobile apps, has reportedly raised €300,000 ($339,800) in seed funding.

The investment was made by a number of entrepreneurs including former managing director of Zalanda, Frank Biedka. The funds will go toward developing the startup's bitcoin-powered payroll service, scheduled for launch this fall.

PEY founder and managing director Ricardo Ferrer Rivero 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."

The notion of having employees getting paid in bitcoin was popularized last year through various initiatives and varying degrees of success. It is thought that employees taking home their paycheck in bitcoin will help increase adoption, as it brings bitcoin a step closer to feeling like real money and saves them the burden of having to buy bitcoins.

However, many employees would be averse to taking home a currency whose spending power may be a fraction of what it is today in a year from now.

The Hanover, Germany-based startup is looking to Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term the fact that in the country, bitcoin is not considered a currency.

Currently, the startup is focusing on expanding its user base, with plans for monetization to be developed once it has "enough happy people and companies on both sides."

Crypto industry venture funding has gotten a boost in September following a lackluster summer. The industry has raised $46.8 million this month, the most since May, with half the month to go.