Salary in cryptocurrencies: how do employees meet this innovation and what risks can there be
Companies around the world are increasingly offering employees to pay for their work in cryptocurrencies. New York Mayor Eric Adams and National Football League quarterback Aaron Rodgers are already being paid in bitcoins. We tell you who such an offer is suitable for and what risks it carries.
Bethany Goldson is a human resources specialist at HR solutions development company Remote. In July of this year, Remote offered its employees to receive part of their salaries in cryptocurrency, and Goldson immediately took advantage of this option.
Now she can transfer a certain percentage of her salary directly to the Coinbase crypto exchange without any commissions. She has been using this platform for a long time, but automation makes investing easier — she used to “just buy cryptocurrencies from time to time when the moment seemed right.”
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This trend was born in December last year, and more and more companies are trying to attract and retain employees in this way. Even sports figures, artists and musicians receive salaries in digital currencies.
Earlier this year, New York Mayor Eric Adams announced that his first three salaries would be paid in bitcoins.
Back in November last year, National Football League quarterback Aaron Rodgers, who plays for the Green Bay Packers, announced on Twitter that he would receive part of his salary in bitcoins thanks to a partnership with Cash App.
“Cryptocurrency is increasingly present in the mainstream economy,” says Quentin Vassas, vice president of salary and benefits at Remote. — More and more people around the world are interested in cryptocurrencies. Especially in the technology industry.”
Integration with Coinbase allows Remote employees to split their salary into several parts and receive it in different ways, including to a traditional bank account and in cryptocurrencies such as bitcoin. This way you can bypass transaction fees and maximize investments.
According to Vassas, Remote employees often asked for such an opportunity, which “reflects a big trend in providing corporate benefits to staff.” In his opinion, flexibility is very important, and along with it, the fact that employees can choose the way to pay for their work is gaining importance.
There are various tools for calculating salaries in cryptocurrencies, such as BitPay and BitWage. On its website, BitWage claims to work with employees from such giants as Google, Facebook*, Airbnb and many others.
Many companies offering to convert part of their salaries into digital assets see this as an advantage over competitors in terms of attracting talent. According to Vassas, this is an interesting offer, especially for young people and technical specialists, active participants in the technology industry.
In November 2021, Nasdaq reported that more than a third of millennials and 50% of Generation Z representatives would like to receive half of their salaries in bitcoins and other cryptocurrencies.
Futurist Thomas Frey predicts that digital currencies will replace 25% of national currencies by 2030.
According to Goldson, she views crypto assets as an additional investment along with stock options and a 401(k) retirement savings account. She believes that this is a “people-oriented benefit” and other companies should follow the example of Remote.