ORCA Alliance To Remunerates Its Employees In Cryptocurrencies
ORCA Alliance, a fintech startup based in Lithuania, is now paying its staff in digital currencies. Precisely, the firm has offered its employees the option of choosing to receive part of the remuneration in cryptocurrencies, specifically Ethereum.
Currently, ORCA is developing an individualized banking app that gives the user access to the service of multiple banks across the European continent, irrespective of their location. Moreover, the ORCA will feature a virtual currency exchange and a digital wallet. The reason behind the inclusion of these features is the increasing prevalence of cryptocurrencies in the contemporary society, as well as the demand for decentralized service among members of the public. Therefore, the ORCA ecosystem is all-encompassing and caters to the needs of all.
According to the CEO of ORCA Alliance, Natan Avidan, the fundamental goal of his firm is to advocate for the mass adoption of blockchain technology, mainly because it has enormous potential. He added that the solution would facilitate the instant withdrawal of crypto assets into the corresponding Euro accounts. Moreover, it will simplify the conversion of fiat into cryptocurrencies and vice versa.
Recently, the ORCA Alliance displayed a prototype of the solution that facilitates the swift conversion of fiat money into digital currencies. As expected, the anxiously-awaited event drew the attention of crypto enthusiast from all over the world. Initially, the average processing time for a conversion transaction was estimated to be a maximum of sixty seconds. To the awe of the event guests, the new solution had an impressively short turnaround of six seconds.
While only a small percentage of the salary will be paid in digital currencies, the inauguration of this drive marks a significant step towards the mainstreaming of cryptocurrencies in Lithuania. Presently, Lithuania is perceived as of the key proponents of virtual money, having been listed as the fish most significant economy concerning ICO crowdfunding. As per the market statistics, 10% of the total ICO revenue worldwide went to Lithuania, whose population is hardly 3 million people.
The Lithuanian government is also supportive of the move to adopt digital currencies. A few weeks ago, the ministry of finance published new regulations for the ICO market. In the new law, any reimbursement given to workers in the form of cryptocurrencies will be categorized as in-kind income. Therefore, the employer is required to declare such income and pay the corresponding tax liability. The only downside of receiving payments in crypto is the volatility of digital assets. For instance, since Ethereum peaked at $1,300 at the beginning of 2018, it has been plummeting and does not show signs of recovering soon.
Usually, people associate success in business by having a dependable supply of capital. However, Natan Avidan does not conform to this perception. He argues that the fact that ORCA is a crypto startup mandates them to lead by example. Hence, the company will not hesitate in adopting cryptocurrency payments, despite the risky and uncertain nature of the industry. Natan further said that their employees did not object the idea.
On the other hand, E. Piscini, an executive at Deloitte Consulting LLP, is not excited about the prospect of salaries in the form of digital currencies. To this end, Piscini said that the current generation is overly obsessed with decentralization to the extent that they relish the idea of cryptocurrency remunerations. He added that this was not an original innovation since several firms were already using such payment methods. Notably, Piscini critiqued Facebook and Google for reimbursing their worker in Bitcoin, while they actively ban ICO adverts ob. their platforms.
Nowadays, many people prefer being paid in digital currencies, especially remote workers. The main reason for this development is the swiftness, affordability, and security of transactions made in cryptocurrencies.