Thomson Wilks has become the first law firm in South Africa to accept bitcoins from its clients as a means of payment, enabled by bitcoin investment company Voomar.
Thomson Wilks believes it has changed the legal landscape with its business model. Specialist attorneys operate remotely, connected by technology and are supported by office hubs in Sandton, Cape Town and Durban, making it unnecessary to occupy large office space in each centre.
Now the company is looking to Bitcoin for further innovation. Adoption of the virtual currency has been growing rapidly and is receiving global acceptance. Increasingly, high profile companies such as Dell, Expedia and Takealot.com, are accepting payment in Bitcoin.
“Strategically, as the first and only law firm in South Africa to accept Bitcoin, Thomson Wilks has immediately established a captive client base made up of all businesses and individuals wanting to pay their legal bills in bitcoin. The digital currency revolution has arrived in South Africa. It has been fascinating to watch as its users grow exponentially,” says Thomson Wilks managing partner, Stephen Thomson.
“We searched for the right partner for several months before we found Voomar, a local bitcoin company which was able to quickly tailor a solution for us to accept payment in bitcoin and to invest bitcoin payments into a managed bitcoin investment account. Through Voomar we can either hold and invest in bitcoin or convert it into rand.”
Alexis Boshoff, CEO of Voomar, comments: “Bitcoin will become as significant to business as the internet. Bitcoin will change business in ways not yet imaginable. Partnerships such as the one Voomar has established with Thomson Wilks will help to increase acceptance of bitcoin as an alternative and efficient payment instrument in South Africa.”