A bitcoin startup plans to join Japan’s growing ranks of power utilities and accept the cryptocurrency as payment for electricity charges, promising bills four to six percent cheaper than the competition.
ResuPress Inc., a Tokyo-based startup that runs a bitcoin exchange and storage service known as Coincheck, said it will also accept payment in yen and offer small bitcoin rebates to encourage use of the volatile currency.
“The use of bitcoin has been growing rapidly worldwide, but there are few places in Japan where you can spend it yet,” said ResuPress chief Koichiro Wada.
The service will be launched in November and will be the first in Japan to let clients pay off their bills with bitcoin, the firm said.
He said he believes the utility initiative will be a big step toward winning wider public acceptance of bitcoin.
ResuPress is teaming up with Mitsuwa Sangyo Co., a Tokyo-based seller of propane gas, to provide power generated by Marubeni Power Retail Corp.
The startup will offer two payment plans. The first, which targets bitcoin newcomers and light users, will accept payment in yen and deliver a rebate of four to six percent paid in bitcoin.
ResuPress said this