A Belfast firm at the forefront of digital currency bitcoin is hoping to double its workforce here as it prepares to launch its product on the world stage.
Bitnet currently boasts a 30-strong team of top-end software talent at its Belfast base – the firm providing a platform for the world’s ever-burgeoning commerce in bitcoins.
Bitcoin is a digital encrypted currency, which doesn’t require banks in order to operate.
And just one year on from its inception, and after securing almost £9m in additional funding, Bitnet will soon reveal a deal with one of the world’s biggest online retailers.
Belfast man and the firm’s chief operating officer Brendan Smyth said the firm has reeled in several key contracts since its inception in January last year.
And it’s the software talent in Belfast that’s powering the business – with other sales staff working in San Francisco and England. The firm is dealing with a number of online retailers, as well as those in the global airline market.
Just this month it partnered with a payment network owned by major international airlines such as American Airways, British Airways and Lufthansa.
Bitnet now hopes to double its workforce – which could see staff numbers in Belfast grow to 60.
“We have the finance and money from Silicon Valley, and the talent in Belfast, Mr Smyth told the Belfast Telegraph.
In October last year Bitnet landed a $14m investment from private equity fund Highland Capital.
It’s also received backing from big name investors in the tech world, including former eBay executive Maynard Webb.
“We have received some strong backing and financial funding, and we are going live in just a few days with a big retailer – one of the world’s largest,” he said.
Bitnet makes its money by charging a fee on its transactions.
It was formed in January last year by ex-Visa executives John McDonnell and Stephen McNamara.
They left Visa with the idea of developing technology to make it easier for retailers to trade in bitcoins.
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