What is revolutionizing payroll in the crypto world?
Cryptocurrency payroll solutions are on the rise and the way they are being adopted is varied. There’s a lot happening with crypto payroll in Asia specifically where startups are inching towards regulatory compliance while being efficient.
How are startups leveraging stablecoins for payroll?
Startups are starting to pay their employees in USDC for the immediate payments and less volatility. This stablecoin is pegged to the US dollar, making it a consistent option that allows for instant payments - and remain compliant with regulators.
What does this hybrid model entail?
These new hybrid models allow for a less volatile method that combines fiat and crypto payments so that employees receive a salary split between the two.
Why does this model work?
This hybrid model is a good option for companies that want to pay employees in crypto but are cautious of volatility. It’s a good option, with companies like Rise having processed over $700 million in payroll.
How are companies navigating regulatory compliance?
Startups are forming partnerships with fintech companies to navigate compliance. These companies help navigate through local labor laws.
What are some examples of companies doing this?
Employers of Record (EOR) who allow for the hiring of employees across borders are a great resource but they often don’t pay in crypto. However, there are companies that do both – enabling businesses to stay in compliance and pay employees the way they want to be paid.
What does this mean for the future?
This is a trend and it’s only going to keep growing. BlockDAG has made a name for itself in this realm as well. They are leading the pack with a lot of initiatives that will promote the path to mass adoption for crypto payroll solutions.
