There is no doubt that despite the fact that millions around the world know about Bitcoin (BTC) and cryptocurrency, that the cryptocurrency markets won’t truly grow until individuals start spending it in their daily lives. It appears as though Bitwage might help with mass adoption by helping workers be paid in cryptocurrency rather than fiat currency.
Bitwage is accomplishing this through a partnership with a payroll company. The payroll company is one Simply Efficient HR, a professional employer organization (PEO) based in Texas.
About The Service
This means that employees could actually decide to have their salaries paid in crypto. For those who are concerned about tax implications, the service will convert the tax portion into dollars and paid out according to United States law.
While there might be many who would be wary of the cryptocurrency volatility, this is tremendous news for cryptocurrency proponents who believe that the markets will grow in the coming years. The service also allows users to determine what percentage of their salary they wish to be paid in crypto. The CEO of Bitwage, Jonathan Chester, points out where this might be a preferable option, stating: “If you work at a company where you do have banking issues, it’s pretty easy to see the value cryptocurrency brings.”
This is a tremendous step for Bitwage, which was founded in 2014. The company has 11 full-time employees, some of whom choose to get paid in a certain percentage of crypto, as well. The company currently processes $2.5 million in monthly volume.
The company only has 45 company clients as of right now, but the partnership might help that number grow exponentially. It’s also important to note that crypto can not only be paid to salaried employees, but contractors, as well. Chester elaborates: “Previously you could pay contractors, but with W2 employees you would have to figure out how to fulfill your fiat obligations to the government regarding the tax processing.”