Web and systems development firm, Vandelay Web, announced Friday that they would now accept the online currency, BitCoin, as a valid form of payment for their services. Per coinmap.org, Vandelay Web will be one of only nine merchants in the metro Atlanta area to accept the new digital currency.
Vandelay Web president and founder Mark Runyon said of the move, “We are a big believer of this new digital currency. Regardless of its inherent volatility, we know BitCoin will become an important fixture in the global economy in the days ahead. Not many businesses want to be the first to move on accepting BitCoin payment, but we fully support this technical innovation and want to see it grow.”
The announcement comes as the cryptocurrency, currently trading around $750 a coin, hit an all-time high of $1130 per coin in early December. At the end of 2012, it was trading as low as $13 a coin. Other high profile companies like Overstock.com and Reddit have recently announced they will be accepting the currency as payment.
Beyond the currencies meteoric rise, Bitcoin has been a hot button topic in the news lately as China’s central bank has said its citizens can’t make new deposits in the currency. It also came under fire recently with the shutdown of illegal marketplace Silk Road. The peer-to-peer nature of the BitCoin network made it easy to conduct illicit transactions on the Silk Road marketplace. Once federal authorities shut down the site, seizing all of its assets, the government instantly became the largest holder of a BitCoin wallet on the Internet.
Runyon went on to say, “I believe the biggest thing standing in the way of BitCoin is acceptance. More businesses need to discover its value and take the lead. The technology is amazing, and BitCoin providers, like Coinbase and BitPay, are giving merchants more apps and tools to easily accept and process funds. Vandelay Web is excited to be leading the charge.”
Headquartered in Flowery Branch Georgia, Vandelay Web focuses on building websites and internal corporate systems for small to medium-sized businesses. The firm also runs web marketing and SEO campaigns for businesses as well as assists clients in constructing their social media strategy.