The state of Texas just keeps one-upping itself when it comes to embracing digital currencies. After recently unveiling one of the United States’ first Bitcoin ATMs and a candidate for governor accepting bitcoins in his campaign, a new oil and gas data provider in the Lone Star State has begun accepting Bitcoin.
Oilfield Intel LLC, a provider of oil and gas data based in Austin, Texas, will begin accepting bitcoin
via the American-based digital wallet, Coinbase. The company is billed as “the newest provider of production, drilling permit, lease ownership, and pipeline information for the oil and gas industry,” focusing mainly on North American production.
So how did the company come about adopting Bitcoin? Bradley Smith, Vice President of Operations at Oilfield Intel explains:
“We’re all geeks here. We were all interested in Bitcoin on our own, it just seemed like a no-brainer.”
Oilfield Intel is not the first Texas company in the oil and gas field to embrace bitcoin. Earlier this year
, the oil outfit Balanced Energy LLC was ordered by the Texas State Security Boards to stop accepting investments via Bitcoin after it accepted them as payment without disclosing the risks of investing in crypto-currencies and selling unregistered securities.
Despite this initial epic fail between Bitcoin investing in Texas oil and gas companies, Smith remains optimistic:
“We’ve begun seeing interest in crypto-currency from producers and service providers in the oil and gas field. It just makes sense for us to provide this service to groups that already have resources in Bitcoin.”
If Oilfield Intel plays by the rules, perhaps Bitcoin investors just might strike it big in Texas.