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BitPay Announces Beta Release of Bitcoin Payroll API

By: PanAm Post Staff - Jan 14, 2014, 11:38 am

EspañolBitPay, the world’s largest payment service provider for virtual currencies, has announced the beta release of a new bitcoin payroll API for employers to offer W-2 employees the ability to receive a portion of their net pay in bitcoin. The BitPay website states that the bitcoin portion of the net pay is treated as a net payroll deduction, and is handled post-withholding and post-garnishment, if any.

BitPay first developed the bitcoin payroll API at the request of their 20 employees, who all now receive a portion of their net pay in bitcoin. “Since all payroll and withholding taxes are taken out first from the employee’s gross income, bitcoins can be sent from the net pay tax-free, and the employer’s gross income reporting to the IRS remains unchanged,” said Bryan Krohn, BitPay’s chief financial officer.

BitPay’s merchant base has grown to over 20,000 approved merchants accepting bitcoin and recently surpassed US$100,000,000 in bitcoin transactions processed.

Source: Yahoo Finance.