Bitwage Allows Employee Payment in Crypto by adding ETH in Payroll
A startup company Bitwage helps many firms make payment in cryptocurrency to their employees by adding ETH in payroll.
As per Monday’s announcements, firms that want tax offering and HR-compliant benefits of ether can sign up. So, by signing it, they can offer it like employee benefit to their employees.
Since the year 2014, Bitwage provides direct deposits in Bitcoin. It, thereby, serves more than 30 thousand people. The people included in the list are worker, freelancers, employees, and even independent contractors. As a result, they can get payment from their employers and clients some fiat percentage with their cryptos.
As per matter of fact, Bitwage experiments with the ecosystem of Ethereum since the year 2017. The experiments include the launch of Inwage, a firm for consultation services. So far, the firm has built many projects on Ethereum blockchain. For the record, Ethereum is the second largest in terms of market cap. The projects include Moria ICOs, which raised about 50 million dollars. It also includes a pilot project intending for a major company for insurance services. And, the company leverages audit trials in Ethereum.
Ether took lots of work which are behind the scene- Bitwage representative
As per Bitwage’s representative, the addition of ether took lots of work which are behind the scenes. It is because the entire system had optimization for Bitcoin. With the fact that the startup has the infrastructure to adopt the new cryptocurrency, the event is possible. These are the words from the representative of Bitwage.
Evidently, during the foundation of Bitwage, its CEO realized de things. As per matter of fact, Johnathan Chester was the CEO, and he realized that at that time, merchants accepted Bitcoin. However, there existed no way the employees could get payment in cryptocurrency.
Similarly, Chester gave a statement saying that their goal was closing the existing financial loop. Now, the company processes about 2.5 million dollars currently as monthly volume. It has the monthly volume for its employees who are full time and even for contractors.
Despite expanding services, Bitwage does not charge any fee for basic services
Even though Bitwage expands its services, it does not charge any fee for basic services. In addition to basic service, there are some premium ones also available in the company. In its premium service, the process of payment is sooner. Additionally, the services come with a nominal cost of about 15.99 dollars in a month.
Presently, the startup company, Bitwage, provides payment services in two formats, namely, direct deposit and term wages. In direct deposit, some part of employees’ salaries went for exchange into cryptos automatically. On the other hand, Bitwage provides team wages for firms wanting payment of its hundreds of employees in the contract. So, this method of payment is usable for employees all around the globe.
Similarly, another company which goes by the name Square has similar services to offer. Here the direct deposit of an employee goes into a payment platform. But, in this case, the employee needs to swap for bitcoin manually. Eventually, Coinbase allows monthly crypto purchase automatically out of the bank account of a customer. Many blue-chip firms have Bitwage users among their employees to convert salaries from cash into crypto.
