Tuesday 11 February 2014 10:34 am

Fiverr forges new partnership with Coinbase

The world's largest marketplace for selling services starting at $5 has teamed up with Bitcoin processing company Coinbase.

Fiverr sellers who provide services from as little as $5 all the way up to $8,000, will now be able to receive payment in Bitcoin.

Announcing the move on its website Coinbase said "Fiverr is also opening itself up to new, first-time customers who are actively making purchases with Bitcoin."

Roughly half of the jobs advertised on Fiverr are at the $5 mark and 15 per cent of its sellers say the website is their main source of income.

The use of the peer-to-peer currency will allow Fiverr to reduce to transactions costs, which can typically reach up to three per cent.

Director of business development Constantine Anastasakis, commented:

Our community is passionate about innovation and creativity and Bitcoin represents this spirit of innovation in the payment space. It is only natural that Fiverr will be in the forefront of marketplaces embracing this new digital currency and security standards.

Fiverr was started in 2009 and is available in 200 countries. The new partnership will be welcome news to fans of the cryprocurrency which took a beating after the Bitcoin exchange Mt Gox had to close after encountering the problem of "transaction malleability."