Payments Platform “Balanced” is Accepting Bitcoin

Posted On 21 Feb 2014

Gradually, the payments platform called “Balanced” has been adding different things to allow marketplaces to accept and make payments to their users. Balanced has just announced that it is working with Coinbase, an online trading website for Bitcoin, to allow customers to accept payment in Bitcoin.

Balanced works as an “API platform for two-sided payments transaction.” Due to this, the fact that Balanced is now supporting Bitcoin, will enable its clients to use this API feature. The payments platform’s clients are companies who accept payments from a particular group and makes payouts to another.

What is Payments Platform “Balanced”?

Founded in 2010, Balanced is a payments platform company that allows easy access to different marketplaces. It has raised over $3.4million from investors such as: CollabFund, SV Angel, Airbnb CEO Brian Chesky, celebrity Ashton Kutcher, Reddit CEO Yishan Wong, Andreessen Horowitz, and many more.

Balanced now has over 20 employees and processes more than $1 million in payments each and every day.

How Will Balanced Users Be Able to Use Bitcoin?

At this moment, Balanced has over 450 marketplaces that use its payment solutions. Now with Balanced integrating with Coinbase, any of the users can accept Bitcoin as a payment option. This can be done easily by connecting with users’ Coinbase digital wallets.

Martin Tamizi, the co-founder of Balanced says that alongside the option for accepting credit card payments, Coinbase will be listed right next to this. Thus, it will make paying with Bitcoin easy access.

In order for users to pay with Bitcoin, they will be asked to log into their Coinbase wallet, this is like asking someone to log into their Facebook. Shortly after logging in, they will be able to pay using the digital currency.

Up to Customers to Accept Bitcoin

Even though Balanced has added the option of accepting Bitcoin payments, it is up to Balanced clients to decide whether they will allow Bitcoin payment. Tamizi has said that it will take only around a day for any of Balanced clients to add Coinbase to their acceptable payments.

For this payments platform, adding Bitcoin as an option is a good move because it provides its customers another method of payment. In the past Balanced has pushed for payments directly to debit cards and also ACH payments.

This comes as welcomed news because it shows that another company is accepting Bitcoin, and it spreads awareness of the digital currency to a larger audience.

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