Blockchain payments provider BitPay announced on Tuesday that it has partnered with tax product firm Refundo to enable taxpayers to receive their U.S. federal and state refunds in Bitcoin. In a press release, the company confirmed that Refundo customers who use the CoinRT product can choose to receive all or part of their refund amount in Bitcoin.
For Refundo, a company focused on providing options that prioritize speed and low transaction costs, the partnership provides yet another way to meet the banking needs of its underbanked, low-income clients. Company CEO Roger Chinchilla said:
“Refundo offers several options to help taxpayers receive their tax refunds safer, faster and more conveniently. Adding Bitcoin was a natural fit for our customers who often do not have traditional checking accounts, pay high check cashing fees and regularly send money internationally. CoinRT enables them to get Bitcoin quickly and easily for one flat fee.”
Taxpayers who use Refundo receive their own routing and account numbers when they create their accounts. That information is inputted on their tax returns, and BitPay processes deposited IRS and state tax refunds by exchanging U.S. dollars for Bitcoin and depositing the digital currency into their Bitcoin wallets.
BitPay Head of Business Solutions Rolf Haag cited the partnerships’ benefits for Refundo customers, and the impact on the company’s broader goal of facilitating cryptocurrency adoption:
“We are thrilled to power Refundo's CoinRT product. Refundo can now offer their customers a Bitcoin Payout for their tax refunds, meeting their customers' demand for a more digital choice. Refundo's integration joins existing BitPay Payouts used in global marketplace, affiliate programs and payroll, highlighting the high-speed and low cost of Payouts in Bitcoin.”