Environmental firm Prismm Environmental, which runs the Zero Labels 2 Landfill scheme, has begun using the cryptocurrency Bitcoin for payments.
The company is accepting payments against invoices in the currency, and will shortly pay for a load of paper in Bitcoin too.
Bitcoin is a worldwide cryptocurrency and digital payments system that acts as an alternative to traditional currencies. It is a peer-to-peer system, which means that transactions take place directly between users.
Prismm Environmental managing director Mike Jackson explained: ‘Bitcoin is a safe and encrypted way of transferring money across the world avoiding transaction fees and avoiding foreign exchange commission, with instant transfer of the funds.
‘For a company like Prismm Environmental, we could save thousands of pounds if all of our payments and revenue was in Bitcoin rather than traditional payments such as UK sterling or US dollar.
‘When we are trading recyclable materials, we are buying in the UK and selling into global markets, so transaction fees and foreign exchange commission adds cost to the business. Bitcoin is a super easy way for us to avoid these fees.’
This year, Prismm Environmental is offering staff the option to receive their Christmas bonus in either Bitcoin or GBP. ‘Who knows one day we may be paying all salaries in Bitcoin as well,’ added Jackson.
OPM Group was recently awarded Zero Labels 2 Landfill certification.