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Instabill introduces cryptocurrency banking solutions

Monday 29 September 2014 | 08:02 AM CET

Global merchant services provider Instabill can now offer cryptocurrency banking solutions and merchant accounts for businesses.

The announcement was made by Jason Field, Founder and CEO of the company at the 2014 Crypto Valley Summit held in Douglas, Isle of Man, during his presentation on banking and card processing for Bitcoin.

Instabill facilitates merchant accounts and bank accounts in the country or region where the merchant is based, or the region where most of the customer base is located. Instabill requires a USD 499 setup fee for its merchant accounts upon approval by its underwriters. In accepting payments, cryptocurrency merchants would pay 3-4 percent plus USD 0.35 per transaction.

Despite the growing number of businesses that accept Bitcoin, very few banks around the world recognize it as a form of currency.

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