Amsterdam-based has partnered with BitPay for bitcoin payment processing on its tablet-based point of sale (POS) system. Merchants will be able to accept payments in bitcoins but receive them as euros without any exposure to holding cryptocurrency.
According to its website, Bitstraat collects no fees for the transactions. Instead, merchants can pay a one-time fee of 120 euros for the terminal or rent them for 10 euros a month.
As part of its launch, the company these fees to the first 100 merchants signing up in Amsterdam. Thus far, 22 have come on board.
BitPay in Europe is also based in Amsterdam, to a historic complex in the city’s Golden Bend.
Bitstraat wants to use the promotion to turn Amsterdam into a “Bitcoin city” in a similar theme to other cities in the Netherlands such as and The Hague.