Cryptocurrency Paywall Company ‘BitWall’ Acquired By Watch Out
Watch Out has bought BitWall, which is a Bitcoin-focused startup that promises to help online publishers earn from their work. The Watch Out app sends different types of alerts such as product and food recalls, weather emergencies, and much more. It does not seem like the most obvious acquirer of BitWall. However, Watch Out says that BitWall could help them improve their data, loyalty, and payments systems.
What The Watch Out CEO Had To Say
The CEO of Watch Out Michael Lucas said that they were really excited to bring the BitWall into their ecosystem. He added that the mission of his company was to offer a secure consumer protection platform that will deliver hyper-targeted content when and where it is needed.
He said it did not matter whether it was a safety alert or a digital reward they wanted to give users. According to him, BitWall and the whole team would be helpful in achieving that. The BitWall CEO said that he first met the Watch Out CEO at the Disrupt SF Hackathon in 2014. He added that the company had been already a great partner of BitWall.
BitWall first began to make the news in 2013, well before the crypto craze hit the world. The BitWall was created to make it possible for publishers to earn without relying on paywalls or ad revenues.
BitWall would make it possible for users to make micropayments instead of having to pay huge subscription fees. This way, you only shell out a little cash for an article that you think you like. Despite the relative success of BitWall, the idea has never really taken off in the mass market.
BitWall, at the time, saw Bitcoin as a viable alternative due to the low transaction fees that were possible with crypto. The main reason it has never worked with fiat is that the transaction fees are usually quite huge. They hoped to make it possible to unlock a world of micropayments, which they have managed to do for a good number of publishers.
At the time, the CEO said that users could also pay in US dollars since the BitWall was integrated with Coinbase, which made the conversion of Bitcoin and USD easy. Before BitWall was bought, a site would simply need to integrate with BitWall. The site would now have the BitWall paywall, which would allow users to make micropayments. Besides making payments, users could also promote the article on Twitter for an opportunity to read it.
One of the biggest successes the company enjoyed was when it partnered with the Chicago Sun-Times in 2014. The Sun-Times tried the paywall, which allowed users to make micropayments or promote articles on Twitter.
The financial terms of the deal have not yet been released. The CEO of BitWall said that their paywall function would shut down; they have already stated so on their site. Instead, the technology will be diverted to other products on Watch Out, which has yet to be revealed.