At Bytes, we try to innovate in all we do. Doing things differently yields new insights, enabling us to tap into new value drivers. We take this approach to everything, including how we incorporated our company (Bytes R&D).
On June 27, we became the first French company ever to incorporate using cryptocurrencies as initial capital. While companies typically use money or assets (like intellectual property or real estate), we used bitcoins.
In many countries, the company registration authorities demand that a bank account be open ahead of a company's official incorporation. No bank account, no incorporation. Unfortunately, most banks refuse to open bank accounts for Blockchain startups. As an example, the French “La Maison du Bitcoin” had to go to Germany to open a bank account!
We just showed this entire hassle is unnecessary.
Technologically, the process of funding a newly created company with Bitcoin fairly simple (although one has to be careful of getting the cryptography right). We started by mining an address for the company:
Second, we transferred bitcoins we held at an exchange to it. Everything is auditable @ Blockchain.info. Voilà!
Bytes R&D S.A.S., in the person of its President, Samuel Martinet, hereby demonstrates control over this address.
For the cryptography inclined (an explainer):
To ensure immortal existence to our founding act, we saved it in IPFS (@ Qmf5vz9LDVE7pLGPKyMhTJBshzX5HbeRxnzK7sZ9jFjjYF).
Arriving at this stage took months of efforts and coordination with accountants and lawyers (a thousand thanks to Marine M.D.). On the other hand, the procedure itself is very simple. For us, it shows that many cumbersome formalities could be cut down to a one minute exercise using the Blockchain.
We hope to pave the way for many others in France and abroad. In the meantime, we will keep surprising you!
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