Bitcoin Accounts for 10 Percent of Orders at Austria’s Yipbee
Wholesale goods reseller Yipbee now gets 10% of orders with Bitcoin via BitPay, while investors contribute around €1 million.
An Austrian startup letting private consumers purchase goods from industry wholesalers now receives 10 percent of its orders in Bitcoin.
Yipbee, which this month announced an investment round worth a suspected minimum of €1 mln, offers payments in euros and Bitcoin via BitPay.
Client base increases and a 15-20 percent monthly growth have peaked investor interest, with the business expanding into Eastern Europe over the next year.
“In March we turned a net profit and are growing 15-20% every month,” Founder Umut Kivrak told German publication Gruenderszene, which reported on the investment.
Yipbee is a still relatively rare example of a more “mainstream” service operating in Europe recording a healthy turnover in the virtual currency.
Kivrak continued that he “noticed quite quickly” that there was a “relatively large group” of potential clients interested in using Bitcoin as a currency over an investment tool.
BitPay is used, as is common practice among businesses experimenting with cryptocurrency payments, to convert order totals directly to euros.
Last month, major online retailer Alza, based in the Czech Republic, began accepting Bitcoin payments across its network.