Fiverr is the world’s largest marketplace for services, or “gigs”, listing over 3.6 million gigs across 120 categories in 196 countries. The site’s major claim to fame is the $5 starting price for its listed gigs. Prices can range upwards to $8000.
Coinbase is an international digital wallet that allows you to securely buy, use and accept bitcoin currency. The company supports 930,000 consumer wallets, 23,000 merchants and 4000 API applications.
“Fiverr is one of the leading disruptors of the Gig Economy”, says Fiverr CEO, Micha Kaufman. “Our community is passionate about innovation and creativity and Bitcoin represents this spirit of innovation in the payment space. It is only natural that Fiverr will be in the forefront of marketplaces embracing this new digital currency and security standards.”
“Our partnership with Fiverr brings the community another step closer to broad consumer adoption of bitcoin,” says Adam White, Director of Business Development at Coinbase. “This further validates that cryptocurrencies are a trusted, widely accepted form of payment.”
DC Magnates connected with Fiverr CEO Micha Kaufman for an in depth view on how accepting Bitcoin will help transform their business:
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What is the anticipated (or hoped for) impact on Fiverr site sales and traffic once Bitcoin is accepted? Specifically, how many more potential buyers will buy, and how many more sellers will advertise?
Bitcoin is still in its early days of market buildup, with steady penetration in the U.S. The States represent over a half of buyers on Fiverr. Bitcoin is not only about immediate revenue generation, but an investment in a new type of payment which is being embraced by early adopters and influencers from all around the world. We want to provide our users with the quickest and most convenient service possible.
The integration of bitcoin is a step forward in terms of new, disruptive technology. In terms of payment, we are not only creating an easy way for buyers to purchase, but one that is global in scale. In theory, bitcoin provides a system of payment without borders, a currency independent of any countries economics or monetary policy, and lower transaction costs.
Fiverr users are quick to use new technology and are quite innovative. We believe we will see steady growth in terms of adoption from new, engaged consumers worldwide. We’re excited about the possibilities and see this opportunity as a new way to pay for a new way to work.
Why Coinbase as opposed to its competitors?
We like their product. Coinbase made the integration of Bitcoin very easy and it has built itself the reputation of the largest Bitcoin platform today. By implementing bitcoin through Coinbase, we are joining existing clients including Overstock and fancy.com. Together, we are providing more validity and stability for this new currency.
How will the dollar denominated price tags be converted to Bitcoin?
The purchase price still begins at $5, which is the initial price of a Gig. However, when buyers pay for a Gig with bitcoins, Coinbase will convert the price based on the current market rate.