Bitwage Adds Payroll Payment Option, Enabling Employers to Pay Salaries in Ethereum (ETH)
- An increasing number of employers are paying salaries in cryptocurrencies, particularly bitcoin (BTC).
- Recently, an employer started paying salaries in Ether (ETH), the second largest crypto by market cap.
Getting Paid in Bitcoin, And Now In Ether (ETH)
You have probably already heard of people paying their employees using Bitcoin (BTC) in order to pay their employees. However, now a new crypto startup is helping companies that want to pay their employees using Ethereum (ETH) instead.
The company has recently announced that it was ready to offer HR-compliant benefits to companies that wanted to pay their employees with Ether. The company provides Bitcoin-based services since 2014 and it has served over 30,000 employees so far, as well as freelancers and other kinds of workers.
By using the services provided by the company, the other companies can pay any share that they want from the salaries in a completely legal way.
Consulting Service Launched in 2017
The earliest experiments with the company and Ethereum were done back in 2017 when it launched Inwage, a consulting services company. This company participated in the Moria Initial Coin Offering (ICO), which was able to raise $50 million USD.
According to a representative of the company, the whole Bitwage system was very optimized for Bitcoin, which is why the company took so long to create this new offering. Now, they have the necessary infrastructure to do it, so they are properly equipped to make this new program.
The company was originally founded around five years ago when its CEO Jonathan Chester eventually realized that many vendors were accepting BTC but not a lot of people were able to be paid this way.
Bitwage generally offers two kinds of services, which are direct deposits and team wages. The direct deposits are a part of the employee's salaries which are paid automatically with crypto using the price of USD as a basis. Team wages are for paying large groups of people.
While the basic service has no fees, the most advanced package, the premium version, costs $15.99 USD monthly. Clients can pay two times in a “period” with the normal plan or up to three with the premium one.
To be able to create these products, the company has received at least $1 million USD in funding from companies such as Draper Associates, BPI France and Candela Reach Capital.
Many other companies offer some services which are at least somewhat similar to this one. Square has a service in which the employee can receive the money while Coinbase allows monthly purchased of crypto using the banking account of the customer.
Several large companies like Amazon, Apple and Google have some employees who use this kind of service, so they are getting more popular now.