Could your next paycheck be in crypto? New data from an American payroll and compliance provider suggests that the move towards crypto-per-hour is already underway.
Recently released data from Deel how shown that besides a search for new talent, employers are also increasingly embracing new forms of paying their workforce. In reference to the data, 10 per cent of payments by UK employers made through the platform in January were withdrawn via the crypto exchange platform Coinbase; marking a new monthly high.
Globally, the volume of payments being made via crypto has risen 50 per cent since July 2021, and the number of workers asking to be paid in crypto is currently increasing by almost 10 per cent every month.
At the same time, though, Deel’s research finds there is still room for improvement in UK employers’ knowledge of cryptocurrencies and their potential. When asked if they supported the idea of workers receiving salaries as cryptocurrency, 28 per cent said they don’t yet know enough to be sure.
This has also been made clear by the research of Invoiced and PaymentsNEXT, which found that 59 per cent of US finance and accounting professionals at business-to-business (B2B) companies are not open to the idea of accepting cryptocurrency as a form of payment.
“With a surge in salaries being withdrawn in cryptocurrencies, it’s becoming increasingly evident that benefits such as instant crypto payments are becoming ways to attract global talent,” comment Deel CEO and co-founder Alex Bouaziz. “For many businesses, all that’s missing is having the right infrastructure in place.”
Deel allows businesses to hire, pay and manage remote contractors and employees in 150 countries. This includes onboarding, contracts, expense management, benefits, payroll and built-in compliance. Through Deel, remote workers are employed by its local legal entities who handle the entire local employment process including compliance, payroll and HR admin.
The platform currently supports over 6,000 customers in over 150 countries and has over 600 employees across 60 countries.