Over the Counter Transactions
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Bitcoin Savings Plan - Employer Portal
Bitcoin Savings Plan by Bitcoin Well
The following guide outlines the required components for participation in the Bitcoin Savings Plan (the “Plan”) offered by Bitcoin Well, as well as the process around the remittance of $CAD funds to Bitcoin Well, and the subsequent remittance of bitcoin to employees on behalf of the Employer.
HOW are you paying BWELL?
Bitcoin Well requires the following information for any employees included in the Plan:
- For each employee in the program, a signed Plan document (template will be provided by Bitcoin Well), outlining the plan details, employee name, two receiving addresses for the employee, the signature of the employee, and a unique non-name identifier (ex. employee number).
- Employees will need to provide Bitcoin Well a scanned copy of their drivers license, and a current utility bill which matches the information on the drivers license.
Process – 5 days from required date of sending Bitcoin
Day 1 – 2:
- Total $CAD amount itemized by employee is provided to Bitcoin Well through the secure file exchange portal in a spreadsheet format. This should be in the form of a listing of employee identifiers, and the associated $CAD amount. Spreadsheet template provided by Bitcoin Well.
- Bitcoin Well does verification, validation, and accuracy checks for each employee, matching the amount to the correct addresses.
Day 3 – 4:
- Employer remits $CAD payment to Bitcoin Well.
- Bitcoin Well calculates and purchases the Bitcoin required to fund the payroll batch of BSP payments, at the predefined rate agreed to by the employer.
- Info sent back to employer with employee purchase data
- Bitcoin Well prepares the batch bitcoin transfer to the employees, cross-checking data inputs one final time.
- BSP is sent to the wallets of employees.
- Bitcoin Well prepares a report to circulate to employees on the details of the Bitcoin Purchased, including the aggregate costs, purchase prices, and gains/losses on the plan to date.
*It is the employer’s responsibility to ensure that the correct amount of $CAD to be sent to each employee is provided to Bitcoin Well.
**It is the responsibility of Bitcoin Well to ensure that the respective amount of Bitcoin is sent to the address which corresponds to the employee.