Integrating Bitcoin into Your Business: A New Solution for Managing Operations While Keeping Control of Your Wallets

Using Bitcoin in Business is More Complicated Than Just Buying It

For a business, adopting Bitcoin is (unfortunately) more complex than simply providing customers with a crypto address for receiving payments. It involves choosing a wallet, organizing payments, and determining who can spend the funds. Since expenses are often primarily in euros, BTC receipts must also be convertible and then transferred to a bank account.

These operations must then be reconciled with invoices and integrated into accounting, tracking the value of BTC received, held, or sold to apply the corresponding tax treatment. Additionally, there are the documentation requirements from banks and the European obligations of the "Travel Rule," which govern the information accompanying certain transfers made through crypto service providers.

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These constraints lead businesses to spread their operations across multiple tools, complicating the management of their euro and Bitcoin funds, as well as maintaining accounting.

After developing a solution to simplify exchanges between Bitcoin and euros for individuals, Bringin is now targeting businesses. The fintech developed in the Baltic countries launched this week "Bringin for Business," an offer that connects Bitcoin operations with euro payment services.

Using Bitcoin in Business Without Giving Up Euro Payments

Bringin is not just a simple Bitcoin exchange platform that displays a euro balance on its server. Instead, it links a Bitcoin wallet to a euro account with a virtual IBAN (vIBAN) in the company's name, allowing for SEPA transfers and settling expenses in euros.

The company can thus buy Bitcoin for its treasury but can also accept it without necessarily wanting to hold it. A customer can pay in BTC, notably via the Lightning Network, while the company receives euros directly through automatic conversion. Conversely, it can use its BTC to pay employees or convert them to pay a supplier in euros.

Bringin does not want to be the custodian of your Bitcoins. The fintech allows the company to choose the wallet for BTC purchased, whether on its own external wallet or on the one integrated with Bringin, which is also self-custodial.

Even when using an external wallet, accounting tracking is possible and facilitated; transactions are documented and exportable, with integrations planned for accounting and tax reporting tools.

For now, access to Bringin for Business remains by invitation only. Interested companies can submit a request on its website, then reserve their spot by paying the 100 euros opening fee, after which an invitation will be sent via email to proceed with the company's verification. The registration page announces 50 spots, with account openings scheduled for November 5.

It will then remain to decide what portion of its treasury to allocate to Bitcoin and when to buy or sell. To support these choices, Stratège, the program from Cryptoast, also addresses businesses and entrepreneurs looking to invest in BTC. This support focuses on investment strategy, with access to professionals for tax and wealth management questions, including tax lawyers, notaries, and wealth management advisors.

Source: Bringin Business

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.