Bitwage expands payroll capabilities with new partnership! Bitwage, a crypto payments firm, has announced a partnership with a payroll company based in Texas. The company, Simply Efficient HR, a professional employee organization, is working towards giving companies the power to pay their staff in cryptocurrency.
Bitwage currently serves around 20,000 people through 45 companies with their existing partnerships. The new partnership with Simply Efficient HR will expand their reach considerably throughout the US. Salaries workers will now be able to receive their monthly income in Bitcoin, or, further down the line, other cryptocurrencies. This new partnership also allows those who are just contractors to use Bitwage, which was the case previously.
Jonathan Chester, CEO of Bitwage, explained that the main drive and motivation behind the new partnership was to really start moving towards helping companies that earn a significant amount in cryptocurrency. For those companies (think Coinbase), accountancy and payroll systems can and are a struggle – current systems of payroll are geared towards fiat only.
Chester says,
“Companies with banking issues using cryptocurrency could only hire employees as contractors, because paying taxes on behalf of W2 employees in fiat was impossible. This new product release changes this… We are enabling BTC or ETH to be a part of this. The BTC or ETH gets converted into fiat to be able to interact with these traditional systems. The worker can choose to receive a portion of their wage in BTC at the end as well.”
There are automatic exchange options so that workers who receive their wages in cryptocurrency don’t suffer from unexpected crashes. This is important because cryptocurrency can and is quite volatile. Bitwage only offers Bitcoin at the moment, but is looking into other cryptocurrencies, like Ethereum.
There is clearly a market for this type of business – a niche that Bitwage hopes to fill. As more and more businesses earn and do business with cryptocurrencies, the potential for crypto payment services will undoubtedly expand.
What do you think? We’ve covered Bitwage before in a blog post. Would you convert some of your earnings directly into cryptocurrency if you could? Let us know what you’d do on our Facebook page!
