BKL to accept Bitcoin as fee payment
Cambridge accountancy practice BKL is to accept Bitcoin as fee payment. The firm is believed to be the first UK mid-sized accountancy business to accept a cryptocurrency to settle invoices.
Using a leading automated payment processing system, BitPay, clients of BKL can now opt to receive invoices in Bitcoin.
BKL will invoice their clients with a traditional fiat value and then the client pays in bitcoin or bitcoin cash with a conversion rate provided by BitPay that is issued and fixed for 15 minutes, using an average price from leading regulated exchanges. This ensures there is no exposure to any of the price volatility that characterises the digital currencies.
Jon Wedge, Financial Services partner at BKL, said: “As a forward-looking business we are always exploring new ways to develop our offering.
“We are pleased to now offer this option to clients. We support people and businesses that work with cryptocurrencies and blockchain and this move has been driven by demand from our clients.
“It’s a convenient way for many of them, particularly those in the fintech and technology sectors, to buy our services.”
Sonny Singh, chief commercial officer of BitPay, commented: “BKL are one of the most respected specialist accountancy practises serving the blockchain industry and we are very happy that they are successfully using BitPay’s B2B service.
“This is another superb example of forward thinking professional service businesses engaging with the ever-expanding crypto currency industry. As blockchain ventures continue to proliferate there will be an increasing worldwide demand by vendors to pay invoices in bitcoin.”
• Fiat money is a currency without intrinsic value that has been established as money, often by government regulation. Fiat money does not have use value, and has value only because a government maintains its value, or because parties engaging in exchange agree on its value.