Bitwage Now Allows Firms Pay Salaries In Crypto

Many people across the world are considering the idea of getting paid with digital currencies. Interestingly, this is exactly what the company called Bitwage wants to do. Its goal is to make it easier for salaried employees to be paid using cryptocurrency.

Paying Works In Cryptos

Bitwage has reportedly partnered with a payroll firm in hopes of giving companies the ability to pay off their employees in crypto. According to the company’s very own CEO named Jonathan Chester, this partnership will allow a great number of U.S.-based employers fund payroll, payroll taxes, and even benefits – all of which can be achieved using Bitcoin or Ether.

Chester believes that this process would eventually become “a lifeline” for firms to pay their workers compliantly.

As of press time, Bitwage boasts a total of 45 clients. And with the company’s goal to further its plans, it is very possible for this figure to even expand. This is especially true when digital currency payments for employees become more prevalent and common in many industries.

In an interview, the company revealed that it could soon a start a partnership with Simply Efficient HR. By doing so, the firm is looking to boost the aforementioned number to beyond 20,000 companies in the future.

Chester, however, said that it is not going to be easy. It would take a lot of time, resources, and effort for this plan to become steadfast in the industry. In fact, he confirmed that among the problems many contractors are facing these days are taxes. This is simply due to the fact that they could not easily pay their W2 workers without the possibility of failing to keep up with their obligations.

Bridging the Gap

Bitwage is basically trying to bridge the gap between the conventional system and cryptocurrency. This is simply what the CEO of Paxful named Hayel Abbassi believes. According to him, once the money is forwarded to a certain Bitcoin address, it will be up to Bitwage to do the rest. In other words, all employees and even the government will obtain their money without facing any issue or trouble.

Currently, more than half of the employees in Bitwage are receiving their salaries in crypto. Chester even went to say that this would be a helpful platform for companies, especially those that are sitting in massive amounts of digital currencies; hence, they often feel unable to utilize the money without the process of converting it first to fiat.