Bitnet
Bitnet is a Georgian-licensed cryptocurrency exchange serving Georgian retail users with web, iOS, and Android apps, two proprietary stablecoins (B-Lari and B-Dollar), and a Tbilisi cash-exchange branch integrated with the country's five major banks.
- Company typePrivate
- Founded2019
- HeadquartersTbilisi, Georgia
- Headcount51–100
- GTM typeB2C
- OfferingSoftware
What Bitnet does
Bitnet, operating through legal entity LLC Digital Platform (შპს დიჯითალ პლატფორმ) and headquartered in Tbilisi, Georgia, is a domestically licensed cryptocurrency exchange serving Georgian retail users. Founded in 2019, the platform enables buying, selling, and converting 60+ digital assets — including Bitcoin, Ethereum, Solana, and USDT — alongside two proprietary stablecoins: B-Lari (Georgian Lari-pegged) and B-Dollar (US Dollar-pegged). Distribution is hybrid: a self-serve web platform paired with iOS and Android mobile apps, plus a single physical branch on Nikortminda Street 17 in Tbilisi for in-person USD cash exchange. The platform emphasizes ease of onboarding for first-time crypto buyers via a three-step flow (verification, deposit, purchase), a Georgian-language educational blog, and 24/7 online support.
Fiat on- and off-ramps are tightly coupled to local infrastructure: Bitnet integrates with five major Georgian banks (Bank of Georgia, TBC Bank, Liberty Bank, Credo Bank, Basis Bank) at 0% commission for both deposit and withdrawal, with card rails (Visa, Mastercard, American Express, Apple Pay, Google Pay, TBC Pay) available at 2% deposit / 1% withdrawal. Revenue is generated almost entirely through transaction fees: tiered conversion commissions (1% under $1K monthly volume, 0.75% between $1K-$10K, 0.5% above $10K), card and crypto withdrawal fees, and a referral program that pays 15% of referred users' conversion commissions. The company is regulated under a license from the National Bank of Georgia and operates with a 51-100 person team. Reported scale includes 163,036 registered users and 1,322,078 cumulative transactions, and the company has raised a single disclosed $500,000 funding round in 2022.
Bitnet firmographics
Firmographics- Name
- Bitnet
- Legal name
- შპს დიჯითალ პლათფორმ (LLC Digital Platform)
- Website
- https://bitnet.ge
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Bitnet is a Georgian-licensed cryptocurrency exchange serving Georgian retail users with web, iOS, and Android apps, two proprietary stablecoins (B-Lari and B-Dollar), and a Tbilisi cash-exchange branch integrated with the country's five major banks.
- Ownership category
- akta.pro rank
Bitnet industry classification
Industry- Product category
- Cryptocurrency Exchange
- NAICS
- Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (523210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- On/Off-Ramp Providers (Fiat↔Crypto) & Cash-In/Cash-Out Networks (FSADAIAE)
- akta.pro secondary industries
- Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Tokenized Bank Deposit & Commercial Bank Money Issuers (FSADADAB), POS, QR & In-Person Acceptance Infrastructure (Crypto) (FSADAIAI)
Keywords
Where Bitnet is headquartered
LocationHeadquarters
- HQ city
- Tbilisi
- HQ country
- Georgia
- HQ region
- Asia
Offices1 record
Markets served
Bitnet business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure
Revenue model
- Trading/Conversion Commissions: Tiered commission structure on crypto-to-crypto and crypto-to-fiat conversions. Volume-based tiers: 1% for $0-$1,000, 0.75% for $1,000-$10,000, 0.5% for $10,000+. Applies uniformly across all coins.
- Fiat Deposit/Withdrawal Fees: Fees charged on fiat deposit via bank transfer (0% for major Georgian banks) and card (2%), and on fiat withdrawal (0% for TBC/Basis Bank, tiered for other banks, 1% for card).
- Crypto Withdrawal Fees: Network fee plus Bitnet fee charged on cryptocurrency withdrawals. Specific rates vary by asset.
- Referral Program: Users earn 15% of referred friends' conversion commissions, creating a viral/referral revenue loop.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard trading tier for $0-$1,000 volume |
| Transaction based/ take rate | Pay-as-you-go | Mid-volume trading tier for $1,000-$10,000 |
| Transaction based/ take rate | Pay-as-you-go | High-volume trading tier for $10,000+ |
| Transaction based/ take rate | Pay-as-you-go | Bank transfer deposit and withdrawal from major Georgian banks |
| Transaction based/ take rate | Pay-as-you-go | Card deposit |
| Transaction based/ take rate | Pay-as-you-go | Card withdrawal |
| Transaction based/ take rate | Pay-as-you-go | Cash deposit at office |
| Transaction based/ take rate | Pay-as-you-go | Cash withdrawal at office |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Bitnet product offering
Product offeringCore offering
Bitnet is a licensed Georgian cryptocurrency exchange platform that enables individuals to buy, sell, and convert 60+ cryptocurrencies (Bitcoin, Ethereum, Solana, USDT) with fiat currencies (USD, USDT, GEL). The service is delivered through a self-serve web platform, iOS and Android mobile apps, and a physical office branch in Tbilisi for in-person cash exchange. Native platform stablecoins B-Lari and B-Dollar facilitate seamless local-currency conversions.
Product overview
Bitnet is a Georgian cryptocurrency exchange platform that provides a unified ecosystem for buying, selling, and converting digital assets. The core offering includes the Bitnet Cryptocurrency Wallet, which supports major cryptocurrencies (Bitcoin, Ethereum, Solana, USDT) along with Bitnet's proprietary stablecoins B-Lari and B-Dollar. Users can access services through the web platform or dedicated iOS/Android mobile applications. Additional features include a cryptocurrency calculator, referral program with 15% commission earnings, and an educational blog platform. The platform integrates with major Georgian banks (Bank of Georgia, TBC Bank, Liberty Bank, Credo Bank, Basis Bank) and accepts various payment methods including Apple Pay, Google Pay, Visa, Mastercard, and American Express.
Differentiator
Problem solved
Functional benefit
Brands
- B-Lari: Georgian Lari-pegged stablecoin offered on the Bitnet platform
- B-Dollar
Products and services
- Bitnet Cryptocurrency Exchange Platform A licensed cryptocurrency exchange platform that lets individual users buy, sell, and convert 60+ digital assets, deposit and withdraw fiat (GEL, USD), and manage holdings in an integrated wallet with enhanced security.
- B-Lari Stablecoin
Quantifiable outcome
- 163,036 registered users on the platform
- +1 more outcomes
Companies that use Bitnet
Customer profileSegments2 records
Ideal customer profiles2 records
Bitnet technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration11 records
Feature6 records
Bitnet partnerships and signals
Strategic signalScale indicators3 records
Recent moves6 records
Expansion highlights4 records
Bitnet competitors and assessment
Company assessmentDirect peers
- Exmo: Exmo is a cryptocurrency exchange originally founded in Ukraine and historically focused on CIS/Eastern European markets, offering spot trading of major coins against fiat. It is comparable to Bitnet because both serve CIS-region retail users with fiat on/off-ramps and a similar spot-trading product set.
- CEX.IO: CEX.IO is a Ukraine-origin, UK-registered cryptocurrency exchange offering fiat-to-crypto on-ramps and spot trading across multiple coins. It is comparable to Bitnet because both operate in CIS/Eastern European markets with regulated fiat-crypto conversions and tiered fee structures.
- Kuna Exchange: Kuna is a Ukraine-based cryptocurrency exchange offering UAH-crypto trading and fiat on/off-ramps for retail users in the CIS region. It is comparable to Bitnet because both serve regional retail users with fiat-crypto conversion as a core product and a similar exchange-plus-wallet bundle.
- LocalBitcoins: LocalBitcoins was a Finland-founded peer-to-peer Bitcoin exchange that historically dominated CIS and Eastern Europe volume. It is comparable to Bitnet as a P2P/cash-friendly crypto exchange serving CIS retail users, though its current operating status is materially reduced.
Broad incumbents
- Binance: Binance is the world's largest cryptocurrency exchange, operating globally including in Georgia. It is comparable to Bitnet as a broad incumbent competing for the same Georgian retail crypto volume, but Binance offers a much wider product set (spot, futures, staking, Web3).
- Coinbase: Coinbase is a publicly listed US-headquartered cryptocurrency exchange offering retail and institutional trading, custody, and stablecoin services. It is comparable to Bitnet as a broad incumbent offering fiat-crypto on-ramps and stablecoin products, though at a much larger scale.
- Kraken: Kraken is a US-headquartered global cryptocurrency exchange offering spot trading, staking, and fiat funding. It is comparable to Bitnet as a broad incumbent serving retail users seeking regulated fiat-crypto access.
- Crypto.com: Crypto.com operates a global exchange alongside its own stablecoin (USDC-compatible rails) and a Visa card program. It is comparable to Bitnet as a broad incumbent in retail crypto trading and stablecoin-anchored products with mobile-first distribution.
Emerging players
- Yellow Card: Yellow Card is an emerging-market crypto on/off-ramp focused on Africa that lets users buy and sell stablecoins via mobile money and bank rails. It is comparable to Bitnet as an emerging market exchange specialising in fiat-crypto ramps and stablecoins, though operating in Africa rather than the CIS.
Others
- CoinsPaid: CoinsPaid is a crypto payment processor founded in Estonia with strong CIS exposure, providing merchant acquiring and on/off-ramps for crypto. It is comparable to Bitnet as a CIS-adjacent crypto payments and on-ramp player, though CoinsPaid is B2B-focused rather than retail exchange.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
Bitnet social profiles
Digital presenceBitnet compliance and trust
Trust signalCompliance1 record
Bitnet financial estimates
Financial estimateRevenue estimate
Valuation estimate
Bitnet leadership team
Management profileNumber of profiles
Bitnet funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Bitnet M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Bitnet
What does Bitnet do?
Bitnet is a licensed Georgian cryptocurrency exchange platform that enables individuals to buy, sell, and convert 60+ cryptocurrencies (Bitcoin, Ethereum, Solana, USDT) with fiat currencies (USD, USDT, GEL). The service is delivered through a self-serve web platform, iOS and Android mobile apps, and a physical office branch in Tbilisi for in-person cash exchange. Native platform stablecoins B-Lari and B-Dollar facilitate seamless local-currency conversions.
Is Bitnet a public or private company?
Bitnet is a private company. It is classified as unknown and is currently operating.
When was Bitnet founded?
Bitnet was founded in 2019. It employs 51 to 100 people.
Where is Bitnet based?
Bitnet is headquartered in Tbilisi, Georgia, in the Asia region.
How does Bitnet make money?
Four revenue lines are on record. Trading/Conversion Commissions are the primary driver. The others are fiat Deposit/Withdrawal Fees, crypto Withdrawal Fees and referral Program.
Who are Bitnet's main competitors?
Direct peers on record are Exmo, CEX.IO, Kuna Exchange and LocalBitcoins. Broad incumbents are Binance, Coinbase, Kraken and Crypto.com. Yellow Card is listed as an emerging player. CoinsPaid is listed as an others.
Does Bitnet have an API?
No public API is recorded for Bitnet.
What industry is Bitnet in?
Bitnet's product category is Cryptocurrency Exchange. Its primary akta.pro industry code is FSADAIAE, On/Off-Ramp Providers (Fiat↔Crypto) & Cash-In/Cash-Out Networks, with a secondary code of BPAMAFAL, Crypto Payments & Stablecoin Settlement Platforms. Its NAICS code is 52321 and its SIC code is 6200.