Meet the community: Bitruption

Orsi ParkanyiMember updates

Back in 2018, a Norwegian startup announced the launch of a new peer-to-peer marketplace called Bitruption. Similar to Safello or Coinbase, you can buy and sell Bitcoin and other cryptocurrencies, in addition however Bitruption provides the advantage of offering NOK pairs and BankID verification.

“We will build support for more digital currencies and add more payment options, but this is further down the line,” Ole André Knutli, the company’s project manager explained. Knutli is a 33-year-old economist who graduated from NHH. He currently works full time as a project manager in EnviDan where he helps full cost regulated services such as water and planning services set correct prices.

“We are constantly working on things under the hood improving the user experience, but one big thing I can mention right now is that we are focused on building an affiliate system where users can share their link and make money from other people’s transaction fees. We want to build a simple system that is very profitable for our users, and we hope to get it in place at the end of Q2.”

As for the challenges of 2020 Knutli articulated:

“At Bitruption we are trying to limit our long-term planning because there is so much that will change along the way. We tend to have a lean approach where we focus specifically on what to build over the next three months. At the start of 2020, we wanted to expand Bitruption with log in, BankID verification, a user panel and transaction history. During the first three months, we got it all in place, in addition to building support for Bitcoin SV (BSV) as well.”

BankID is an electronic identification solution used in Norway, Sweden and Finland that allows companies, banks, organizations and government agencies to authenticate and conclude agreements with individuals over the Internet. BankID is an electronic identity document comparable to passports, drivers’ licenses and other physical identity documents.

In terms of their overall mission they want to build a future with Bitcoin. The first step on that road is to build Bitruption to become the easiest, safest and fastest place to buy Bitcoin in Norway. But if Bitcoin and other digital currencies are to succeed, they must be able to be used for practical purposes to a large extent. They therefore have a clear ambition to build services that address the everyday use of digital currencies like Bitcoin and illustrate how useful Bitcoin can be.

“The basic idea that you can start accepting bitcoin and other cryptocurrencies by including a widget or a plugin on your website. But why would you do it? Well, because Vipps costs 3% and VISA 1,5%. We want to take the cost down to 1%, and we want to connect it to BankID. We also want to make it simple so that you can choose whether you want to keep your bitcoins or simply convert it to NOK instantly.”

Check out their website and get in touch with Ole at bitruption.com to figure out how you can benefit from the blockchain revolution.

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