BitPay uses Bitcoin to Sponsor Georgia Tech Athletics, Unveils Facebook App
BitPay, a Bitcoin startup company founded in 2011 and a pioneer in business solutions for the digital currency made two important announcements.
BitPay, a Bitcoin startup company founded in 2011 and a pioneer in business solutions for the digital currency, recently announced its affiliation to the Georgia Institute of Technology’s Athletic Association. Brokered by IMG College - the multimedia partner of the university, the sponsorship is meant to cover Georgia Tech's basketball and football programs, and it is meant to increase Bitcoin's popularity, particularly among college students. BitPay's target is to appeal to young tech-savvy individuals, and awake their interest in the crypto currency.
IMG College is a leading sports marketing company that offers regional, national, and local multi-platform marketing opportunities. It targets over 190 million college sports fans, and it claims to have the most attractive sport fan base in the country.
Invented in 2009, Bitcoin is a financial innovation. It is the world's first peer-to-peer crypto currency that permits users to send money without having to deal with government officials or banks. The partnership with Georgia Institute of Technology’s Athletic Association involves displaying the BitPay logo and its corresponding symbol at the Bobby Dodd Stadium, the McCamish Pavilion throughout the 2014/2015 academic year. BitPay deals mostly with companies that want to adopt Bitcoin as a payment mode.
When a client checks out and decides to pay in bitcoins, BitPay processes the transaction that accepts bitcoins from the client, thus informing the business that the order was paid. The next business day, BitPay settles with that particular company and it offers the merchant the option of making a deposit in bitcoins, dollars, or a percentage divided in half. Co-founder and CEO of BitPay, Stephen Pair, says:
“Through our partnership with IMG College, BitPay was able to sponsor Georgia Tech Athletics with Bitcoin,” [...] This sponsorship also allows BitPay to increase awareness of Bitcoin and support our alma mater at the same time.”
Georgia Tech IMG Sport Marketing Manager Kristen Rose, mentions:
“Pairing an innovative technology company pioneering a new digital currency with Georgia Tech is a great match,” [...] “The use of Bitcoin in the sports world is brand new, and we’re proud Georgia Tech is leading the trend through this partnership.”
BitPay reveals Bitcoin Facebook App
BitPay recently announced the release of a brand new Facebook app that permits users to get in touch with Bitcoin traders on the world's largest social network. Bitcoiners can get bitcoins from trusted individuals, although the app doesn't permit users to trade actual bitcoins on Facebook. The name of the app is Get Bits, and it simply facilitates communication between people interested in exchanging the crypto currency. Co-founder of BitPay, Stephen Pair, mentions:
“Because Bitcoin is one of the only forms of payment which cannot be fraudulently reversed, selling bitcoin usually requires some level of trust in the buyer,” [...] “To deal with this, Get Bits currently leverages the world’s largest ‘web of trust,’ Facebook. As better decentralized solutions emerge, Get Bits will continue to evolve.”
If you want to know more about the app, and try it out, log in on Facebook and head over to the app's home page. If you don't have friends who use Bitcoin, send them an invite. If you do have friends who are using Bitcoin, get in touch and talk about trading. According Mr. Pair, the app has a great future ahead. He adds:
“As we release the API — and ultimately, standardize the decentralized protocol — Get Bits can be integrated into wallets to facilitate peer-to-peer exchange.”
People should prepare themselves as more developments with regards to the incorporation of Bitcoin wallets into the social media world are coming up in the foreseeable future. This past May, QuickCoin revealed its very own Facebook app, while in June, Moneero, a Uruguayan startup, unveiled a platform that had the ability to convert any type of social media profile into a Bitcoin wallet.
BitPay is a PSP (payment service provider) that specializes on B2B, ecommerce, and enterprise solutions for Bitcoin. The company was founded by Stephen Pair and Anthony Gallippi, in 2011. Also known as the PayPal of Bitcoin, BitPay offers payment processing services since May 2014 to over 30,000 businesses; some of the most noteworthy are the gaming giant Zynga and the acclaimed WordPress blogging platform. In 2013, BitPay processed more than $100 million worth of bitcoins.
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