Global blockchain payments provider BitPay announced on Tuesday it has teamed up with Refundo, a provider of tax-related financial products, to offer federal and state income tax refunds in Bitcoin. While sharing more details about the partnership, Rolf Haag, Head of Business Solutions at BitPay, stated:
“We are thrilled to power Refundo’s CoinRT product. Refundo can now offer their customers a Bitcoin Payout for their tax refunds, meeting their customers’ demand for a more digital choice. Refundo’s integration joins existing BitPay Payouts used in global marketplace, affiliate programs and payroll, highlighting the high-speed and low cost of Payouts in Bitcoin. Whether they’re going around the corner or around the globe.”
It was also reported that through Refundo, taxpayers create an account and are assigned a unique routing and account number to input on their tax return. Customers also provide all necessary background details for Know-Your-Customer Regulations as well as a Bitcoin wallet address. Once the IRS or state deposit the refund, BitPay processes the payment and the cryptocurrency is deposited into the taxpayers’ Bitcoin wallet. Roger Chinchilla, CEO at Refundo, also commented:
“Refundo offers several options to help taxpayers receive their tax refunds safer, faster and more conveniently. Adding Bitcoin was a natural fit for our customers who often do not have traditional checking accounts, pay high check cashing fees and regularly send money internationally. CoinRT enables them to get Bitcoin quickly and easily for one flat fee.”
BitPay then added that global businesses use their Dollars, Euro or other currency to fund BitPay’s Mass Payouts to Bitcoin for a simple 1% fee.