The Western Asian country of Israel is one of the emerging countries when it comes to bitcoin adoption. With an eight million odd population, the country has a prolific startup ecosystem that is quite similar to that in the United States, United Kingdom and India. Few well-known Bitcoin based startups have emerged out of this ecosystem.
Some of the Bitcoin startups from this nation include Polycoin, Bitrated and Coin Commerce.
Based out of Tel Aviv, Polycoin is a bitcoin payment processor that enables businesses to collect payments in bitcoin. Unlike other services, Polycoin allows the merchant to choose whether he wants to withdraw the payments made into account as bitcoin or fiat currency. Polycoin, as its name suggests, is not just limited to bitcoin. It supports all cryptocurrencies.
Bitrated brings in everything that bitcoin initially lacked. It is an identity and reputation management system offering fraud prevention and consumer protection services using Blockchain technology. . In the absence of strong regulations regarding the use of bitcoin, Bitrated introduces the trust factor to bitcoin economy. It is known that chargebacks are virtually impossible when it comes to bitcoin transactions, the escrow services offered by Bitrated is very useful to prevent and resolve any disputes arising out of such situations. Bitrated also holds the distinction of being the first company to offer multisignature application to the public.
Started with an intention to make bitcoin popular among the tourist population, the Tel Aviv based Coin Commerce offers Point of Sale (POS) terminals to small businesses. These POS terminals are designed to accept bitcoins, while the merchant accepts payments in bitcoin; he/she will receive his settlement in local fiat currency. Designed similar to the traditional POS terminals, Coin Commerce’s terminals can we easily used by anyone without any special training.
Not surprisingly, the Israeli city of Tel Aviv also features among the top 10 bitcoin friendly cities in the world. It also has the largest active Bitcoin meetup group.