Bitcoin Well CFO on the Business Case for Crypto

Bitcoin provides a means to financial independence and is going to be around a long time, says Allen D. Stephen, finance chief at Bitcoin Well, a company that’s exploring new ways to make to make the bitcoin experience easier for business-to-business (B2B) customers.

The growing number of use cases for bitcoin may include B2B bitcoin ATMs and increased participation in programs that offer employees a way to allocate a portion of their earnings to buy bitcoin.

The B2B ATM that the company is building features proprietary software that will drive subscription-based revenue that isn’t confined to Canada, the company’s current market, but will allow it to have sales worldwide. The software will be able to be installed on multiple different types of ATMs throughout the world, and Stephen reported there are 35,000 cryptocurrency ATMs globally right now.

“So, this is a huge market that we’re actively targeting right now, to install our software, to give customers additional functionality and partnering with other companies,” Stephen said.

Walking People Through the Process

Bitcoin Well builds and utilizes products that offer safe and easy ways to buy, sell and use bitcoin, and has been based on bitcoin ATMs in Canada. These combine the old with the new, allowing users to put fiat currency into the machine and immediately get bitcoin into their digital wallet.

“That’s our bread and butter,” Stephen said. “It gives the everyday person — you, myself — the ability to buy, sell and eventually use bitcoin on those ATMs.”

The company has found that there’s still a large portion of individuals who have hard cash, and now they want to convert it into bitcoin.

For those new to cryptocurrency, Bitcoin Well also offers a white-glove, in-person service that walks them through how the process works and how to set up a wallet. This service is available at several locations in Canada.

“Even just setting up the accounts, the wallets, obviously it’s something brand new for many of us,” Stephen said. “I would say people have questions about the safety and security, so our people can explain that quite well.”

Providing Safety, Security, Financial Independence

In addition to continuing these services — as well as its suite of web-based transaction services, growing the employee savings programs and creating the B2B bitcoin ATMs — Bitcoin Well is looking to expand its online presence with bitcoin products and services, including launching an app.

Stephen said one important differentiator that sets Bitcoin Well apart from other platforms that can buy and sell bitcoin is that it’s a noncustodial company — meaning when its customers buy bitcoin, it immediately goes into their wallet. It doesn’t sit somewhere else, and the customer doesn’t have to ask the company to sell them or to buy something.

“The bitcoin sits with the end customer,” Stephen said, “and from a safety, security and financial independence, we think that’s incredibly important in this day and age.”