- Bitwage, a payroll start-up has added Ethereum to their payroll option
- Clients can choose any combination of ETH and fiat for wage payouts
- The basic feature is free and there is a paid premium service available as well
- Payments can be processed as fast as the next day
Ethereum is the 2nd most popular cryptocurrency after Bitcoin in terms of market cap. The primary reason for its popularity is its very own development platform, and pioneering smart contracts. This means other than using it just as a tool for transferring your fiat or considering it as an asset one can also develop dApps and tokens on the Ethereum blockchain. It is a popular belief that Ethereum could give birth to the era of decentralized autonomous organizations. Now there has been another sweet update for Ethereum enthusiasts as companies can pay their employees in ether very easily with Bitwage.
Bitwage rolls out Ether payroll service
Crypto payroll startup Bitwage has now officially added Ethereum to their payroll feature. Bitwage is a 2014 startup which allows employers to pay their employees anywhere in the world. With users over 90 countries, the company has been helping employees and freelancers as well in receiving their wages from a variety of organizations that include Google, Facebook, and even the United States Navy. The announcement made on the company’s official blog states that the firm had been experimenting within the Ethereum ecosystem since 2017. Finally after a lot of “behind the scenes work,” they have been able to implement ether in their payroll system.
Bitwage currently provides two payment services, one in which the employees have a part of their salaries sent to the company to be exchanged for cryptocurrencies automatically via dollar cost averaging, and the other known as team wages where Bitwage provides companywide payroll services.
Team wage can be used to pay hundreds of contract employees spread across the globe with just one payment. The basic service is absolutely free of cost and there’s also a premium feature which provides faster payment options at just $15.99 per month. The thing that puts Bitwage ahead of its competitors is that the processes are fully automated and hassle-free. Clients can have up to two payment distributions per pay period with the options of both fiat and crypto in the basic version. Premium users can receive up to three.
Any combination of fiat and ETH available
Jonathan Chester, Bitwage President, claims that now everyone with the U.S or European employer can receive any percentage of their wages in Ethereum as soon as the next day. He further told media outlet cointelegraph in an interview:
“Ethereum is an exciting new technology with the potential to completely disrupt the way companies and enterprises are run. While Bitcoin is still the leader from a reserve currency and payment rail perspective, as the most valuable, liquid and secure Blockchain, Ethereum is poised to be the leading Blockchain in the smart contracts realm. By receiving a wage in Ether, Bitwage or Uphold, this enables users to have one of the easiest ways to become a part of the smart contract revolution.”
