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Bankchain Briefing: Should we take the crypto paycheck seriously?

  • Cryptocurrency payroll is gaining popularity among employers and employees alike.
  • This week, we explore the viability of the crypto paycheck.
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Bankchain Briefing: Should we take the crypto paycheck seriously?

In November 2020, Deel, a payroll and compliance platform for international remote teams and independent contractors, became one of the first companies to launch a cryptocurrency payroll service.

Deel Crypto was launched in partnership with Coinbase, and it allows contractors who use the Deel platform to withdraw their paycheck in a cryptocurrency of their choice, as long as they have a Coinbase account. Deel claims the service allows near-instant withdrawals with low processing fees, while offering the security and efficiency of blockchain technology.

“We’ve seen a growing trend of workers deciding to withdraw their whole salary, or a portion of it, in crypto,” Alex Bouaziz, founder and CEO of Deel, told Tearsheet. “Since enabling crypto paycheck withdrawals in November of 2020, we’ve seen an almost 10% increase month-over-month in people wanting to be paid in cryptocurrency.”

Initially, Deel Crypto only supported withdrawals in bitcoin, ether, and XRP. But due to popular demand, it also added support for USDC and Solana in December 2021.

 


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