Ether Salaries Now Available Via Crypto Startup Bitwage

Ether salaries are now available via the Bitwge startup that helps companies pay their employees in crypto as a payroll option. More about the project we read in our latest cryptocurrency news.

The announcement made back on Monday, shows that the companies will offer tax and HR-compliant ether benefits and they will also start offering it as a benefit to the employees. The company was providing for a longer time the option for direct deposits of Bitcoin since 2014 and now serves more than 30,000 workers. Freelancers, employees and independent contractors can receive from their clients or employers the percentage that they prefer to be paid off in ether.

Bitwage also experimented with the ethereum ecosystem in 2017 including the consulting services firm Inwage which managed to create several projects on the second-largest blockchain. Some of the projects include the Moria initial coin offering which raised about $50 million and another pilot project for an insurance company giant that leverages ethereum for audit trail capabilities.

By adding the options for ether salaries to Bitwage’s main offering ‘’took a lot of behind the scenes to work because the whole system was optimized for BTC’’ according to a company representative. He also noted that it is just a matter of ‘’now having gotten the infrastructure to add it.’’

The CEO of Bitwage Johnatan Chester when he founded Bitwage, realized that the merchants are already accepting bitcoin but there is no way for the employees to get paid in it as well. He stated:

 “Our goal was to close the financial loop.’’

Chester also stated that the company currently processes about $2.5 million in monthly volume for contractors and full-time employees. Bitwage has two payment services which include the direct deposits where the employees get their salaries sent to the company and can be exchanged to crypto automatically, as well as the team wages where the Bitwage providers provide the payroll services. The team wage contracts are mainly meant for companies that want to pay hundreds of employees around the world in just one payment.

As reported in the coming altcoin news, the company has no fees for the basic service and there is also a premium version which provides payments for $15.99 per month. For example, Square also offers a similar service but the employees have to swap the money for bitcoin themselves. Coinbase also provides automatic monthly purchases of crypto from the customers’ bank account.