Refundo, a New Jersey-based tax refund processing platform, as per recent reports last week, has announced receiving tax refunds in bitcoin, following the firm’s recent partnership with BitPay.
This new development will enable the US taxpayers with a choice to opt to receive any portion of their federal and state tax refund back in bitcoin (BTC). These crypto refunds are made through CoinRT – Refundo’s own new product offering that leverages Bitpay’s Payouts.
To explain the whole tax refund process in a gist, when a taxpayer submits their wallet address, Refundo issues them unique account and routing numbers to include on their tax return. When the taxpayer completes the KYC, Bitpay transfers the IRS-issued refund to the client’s wallet.
Bitcoin seems an ideal choice for Refundo, which targets the underbanked populations, owing to its faster transaction times with minimum fee involvement. To elaborate further, the BTC choice also correlates with Refundo’s other product offerings which includes refund advances, refund transfers, and the means to enable clients to pay for their tax preparation services with their issued refund.
“Refundo offers several options to help taxpayers receive their tax refunds safer, faster and more conveniently,” states Roger Chinchilla, Refundo CEO. “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.”