BITCOIN AND CRYPTO
BitPay | April 25, 2022
BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced two new exchanges and two new wallets are adopting its accurate payment protocol including top crypto providers Bitso, Bitstamp, Edge, and Guarda.
BitPay’s accurate payment protocol, the BitPay Protocol, enables more reliable blockchain payments by eliminating common payment exceptions including overpayments, underpayments, late payments, unconfirmed payments, and potential double-spend payments. In addition to the new partners, the BitPay Protocol has already been adopted by Blockchain Wallet, the world’s largest self-custody wallet. Many other leading wallets are also payment enabled including Electrum, BRD, Metamask, Ledger and more. Verifone’s 600,000 merchants, with a footprint of 35 million devices, also have BitPay’s Payment Protocol automatically enabled for in-store and online purchases.
BitPay first launched its accurate payment specification in 2017 to eliminate payment exceptions in transactions made with cryptocurrency, setting the standard currently adopted by top wallet organizations. Since then, the company has expanded upon the available features and now businesses can accept crypto through BitPay and receive error-free payments from over 200 million crypto users. As a blockchain payment processor, BitPay’s goal is to work with all wallets, and BitPay is the only payment processor who works with more than 100 different wallets to facilitate and optimize consumer to business and business to business payments. The company has processed over $5 billion in payments volume since inception, for tens of thousands of businesses worldwide.
Businesses accepting crypto should be able to accept payments from any crypto wallet and payments should post fast and be free of payment expectations. BitPay Protocol delivers on all these benefits and BitPay is pleased that our new and existing wallet and exchange partners have set the industry bar for payment quality, We are developing payment technology solutions to transform how businesses and people send, receive, and store money around the world making payments faster, more secure, and less expensive.”
Stephen Pair, CEO of BitPay.
Since the founding of Edge, we have always been passionate about people truly using cryptocurrency to buy and sell goods and services, We are happy to support the BitPay Payment Protocol to streamline the user experience at the point of sale for thousands of merchants and further drive adoption of cryptocurrency.”
Paul Puey, CEO / Co-founder at Edge.
Founded in 2011, BitPay is one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth.
TaxBit | April 29, 2022
TaxBit, the leading tax and accounting software provider for the tokenized economy, announces SoFi Technologies, the digital personal finance company, is joining the TaxBit Network—the first-of-its-kind network to provide free cryptocurrency tax forms to all users of the over 20 TaxBit Network companies.
Historically, the process of generating cryptocurrency tax forms costs individuals anywhere from hundreds to thousands of dollars per year depending on whether they used do-it-yourself software or enlisted an accountant. The TaxBit Network eliminates this barrier to mainstream digital asset adoption with every SoFi user of a supported TaxBit Network company receiving free, accurate crypto tax forms.
Adding a company like SoFi to the TaxBit Network is a major step for the digital asset world. This is a traditional finance company entering the world of crypto in a big way. We are thrilled to have them join our network and we look forward to assisting their clients in this new and ever-changing landscape."
Austin Woodward, TaxBit CEO.
In tandem with the launch of TaxBit Network, SoFi will be incorporating a one-click, free TaxBit sign-up within their native applications to further simplify access to 2021 tax forms and year-round access to TaxBit's industry-leading software.
Our mission is to help people get their money right, and joining the TaxBit Network makes it easier than ever to do that by making it simpler for our members to manage their taxes on cryptocurrency, We have seen a growing appetite for crypto investing among our members, and we know that trend is only to continue on as we see more and more people jumping into the market. We're thrilled to be getting ahead of the curve in meeting that need, and the implications that come with the trading of cryptocurrency, alongside TaxBit."
Anthony Noto, CEO of SoFi.
The TaxBit Network provides users the ability to easily integrate their cryptocurrency exchange, DeFi, and NFT data, see their tax calculations line-by-line and aggregate tax positions, and download completed IRS Forms 8949 and Income reports that are ready to upload to popular tax filing software or hand over to an accountant—all for free for users of supported TaxBit Network companies, like SoFi. TaxBit's team of industry-leading CPAs and tax attorneys have certified the accuracy of tax calculations related to platforms within the TaxBit Network, including reconciling tax forms to all Forms 1099 issued by such platforms.
Designed by CPAs and tax attorneys, TaxBit is the leading tax and accounting solution for the tokenized economy. TaxBit's platform serves the industry's top exchanges, institutional investors, governments, and individuals. TaxBit has raised over $230 million from the world's-top investors in order to enable widespread digital asset adoption by automating the regulatory hurdles of tax and accounting compliance at scale. TaxBit has HQ in Salt Lake City and Seattle.
Huntington | May 16, 2022
Huntington National Bank, a subsidiary of Huntington Bancshares, Incorporated (Nasdaq: HBAN) announced today it has acquired Digital Payments Torana, Inc. (Torana), a business-to-consumer payments fintech based in San Francisco. Torana's digital payments solution, which will launch as Huntington ChoicePay, will further enhance Huntington's digital capabilities and advance Huntington's enterprise payments strategy.
Torana's payment solution is a software as a service (SaaS) model built in the cloud and will enable Huntington and its clients to distribute digital payments to a variety of end users.
Torana's acquisition aligns with our enterprise payments strategy of servicing clients across businesses of all sizes and enables us to maintain a leadership position within our commercial banking segment and further develop additional scale in verticals such as healthcare, public sector, insurance and Huntington's National Settlements business, Huntington ChoicePay technology enhances our commitment to delivering differentiated, automated experiences through best-in-class digital tools, and it aligns extremely well with our digital innovation roadmap.
Scott Kleinman, co-president of Huntington Commercial Banking.
This payment solution will increase engagement with our business and commercial clients because of its ability to rapidly distribute payments to end consumers who are increasingly seeking a faster and broader range of payments options – all critical drivers of customer satisfaction.
Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $177 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,000 branches in 11 states, with certain businesses operating in extended geographies.
Corporate Insight | April 18, 2022
Corporate Insight, the leading provider of competitive intelligence and customer experience research to the financial services industry, today announced the launch of its Small Business Banking Research Services. The services will track and analyze leaders in traditional and fintech banking platforms in a blend of multi-product, deposit-only and card-only relationships to capture the competitive landscape and arm business banking providers with insights to drive improved digital experiences.
On an ongoing basis, Small Business Banking Research Services will evaluate:
Digital platforms from traditional banks and innovative fintechs
Cash management services
Merchant and payroll services
Building on Corporate Insight's long history of tracking small business credit cards, Small Business Banking Research Services will assess the industry's top traditional banking and fintech platforms to illuminate this increasingly competitive and disruptive space. Using authenticated experiences, Small Business Banking Research Services will offer deep dives into user journeys with ongoing reporting on platform enhancements and dashboards that track industry leaders and innovative disruptors.
Similar to the retail banking industry over the past few years, fintechs and other digital-first organizations are now causing major disruption in the small business banking space and we anticipate this trend to continue to grow in the upcoming years, Our new Small Business Banking Research Services will track and assess the digital capabilities of the primary incumbents and disruptors, with the primary goal of arming business banking organizations with the knowledge needed to drive improved digital customer experiences."
Andrew Way, senior director of research at Corporate Insight.
About Corporate Insight
Corporate Insight delivers competitive intelligence, user experience research and consulting services to the nation's leading financial and health institutions. As the recognized industry leader in customer experience research since 1992, we have been the trusted partner to corporations seeking to improve their digital capabilities and user experience. Our best-in-class research platform and unique approach of analyzing the actual customer experience helps corporations advance their competitive position in the marketplace.