Bitwage, a bitcoin-based payroll system, is creating a technical framework to facilitate the process of launching an Initial Coin Offering (ICO) for traditional businesses.
Providing Professional ICO Support
Termed InWage, the new advisory initiative will tap into traditional firms that need assistance with holding and developing token sales, as stated on a press release on May 29, 2018. The platform shall feature customer knowledge plans, payment processing modules, in-built KYC procedures, and a customized front page. Additionally, Inwage shall provide end-to-end development of smart contracts.
Furthermore, the firm shall introduce smart contract security audits for existing cryptocurrency firms, in addition to certifying website safety. Other than technical support, InWage shall also provide marketing and public relation activities for clients.
Jonathan Chester, the founder and president of Bitwage, informed that the idea of creating this platform was sparked by the queries and advice he was asked for, by individuals and firms alike in the ICO domain concerning its technical and marketing features.
Chester added that the vision is to eliminate third parties involved in the ICO process by creating a technological framework that serves as a one-stop solution:
“This is actually one of beautiful things about ICOs, the ability to sell a digital asset without the requirement of a third party.”
InWage Client Mora Raises $50 Million
InWage was already shown results for its ICO advisory service, as the company’s first client, Moria, reportedly raised $50 million.
Launched as a decentralized funding platform dealing in precious metal extraction, Moria is backed by Ethmint and the GS Mining Company – which runs a gold mine in Colorado, U.S.
A success story in its own, Moria had initially planned at raising about $30 million through an ICO, but ended up surpassing their expectations by raising a whopping $50 million, he added.
Chester concluded by saying that InWage now aims at collaborating with service providers dealing in regulatory compliances and investor channels, to make ICOs available to firms of all sizes.
Bitwage Introduces ETH Payroll System
Bitwage also launched its ether (ETH) payroll system on May 29, primarily to allow cryptocurrency firms to pay their workers with the digital currency.
“ICOs raise funds in Ethereum but are unable to obtain bank accounts to pay their workers. As a result, employees are often unable to receive their wages in local currencies. In order to help companies pay workers around the world in the currency of their choice, we have decided to launch ether Inputs.”
Aragon and Status are reportedly using the service since January 2018, after Bitwage rolled it out for a soft launch.