VC Backed Startup, Deel, Partners With Coinbase to Roll Out Cryptocurrency Payroll Service
Deel, a San Francisco based crypto startup backed by Andreesen Horowitz, is launching a crypto payroll tool that would allow international workers to get paid in different cryptocurrencies.
Deel raised about $44 million in funding ($14M Series A and $30M Series B) during the ongoing pandemic and specialized in offering payroll and compliance services to remote workers internationally. The new payroll tool would allow the Deel customers to accept their payroll in top cryptocurrency like Bitcoin, Ether, and XRP with instant withdrawals.
Dan Westgarth, Deel's chief operating officer, explained that the motive behind creating such a payroll tool was to help international workers to save hefty remittance costs charged by traditional banks and money transfer services. He explained,
“A question on a lot of people's tongues is: will it be widely adopted? Will the companies paying these people to be willing to opt into it?
Well, we built it in a way that the company doesn't choose. The remote worker chooses.”
“So I can be working for an old, boring institution, run by a load of old guys who don't understand crypto and oppose it.
They could pay me in U.S. dollars, but given I'm a Deel user and given I get paid through Deel; I could elect to have my paycheck delivered in XRP — instantly.”