• Thu, 22 Aug 2019, 04:37 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Bitwage allows companies to pay crypto salaries via new partnership

Mon, 21 Jan 2019, 05:57 am UTC

Crypto payroll startup Bitwage has announced that it will now enable companies to fund payrolls with cryptocurrencies through its partnership with Simply Efficient HR, a Texas-based Payroll & HR company.

In an online post dated January 16, Bitwage said that it has been working with Paxful and Aragon for the past year to accept cryptocurrency and help them pay out various local currencies around the world.

The partnership with Simply Efficient HR will enable companies, for the first time, to pay W2 Employees and Payroll taxes in all 50 US states plus Puerto Rico funded in Bitcoin (BTC) and Ether (ETH), it said. Employees will be able to choose any percentage of their wage to be in USD or cryptocurrency.

Bitwage Founder and President Jonathan Chester said that the partnership has been live in Beta since November 2018 with its first customer, Paxful, a peer-to-peer bitcoin marketplace.

“Today represents the official launch out of beta for this solution,” Chester said.

Speaking with Bitcoin Magazine, Chester explained that Bitwage currently does not include the option for companies to pay out in ETH, just pay in.

“However, now companies such as ICOs [initial coin offerings] and decentralized applications with a lot of ether can hire people as W2 employees/offer benefits and stay in compliance,” he said.

Hayel Abbassi, Paxful Controller, said that as Paxful earns 100% of revenue in bitcoin, it is always looking for service providers who will accept digital currency.

“Paxful has a significantly sized team in the states and we need to pay them as employees on payroll, not as contractors. Bitwage has recently formed a partnership with a traditional payroll company who integrates into their platform to provide these services. Paxful simply sends bitcoin to an address, and our employees receive net checks with the proper federal and state taxes withheld,” Abbassi added.

In addition to funding payroll, US companies will also be able to pay for benefits, such as health insurance, as well as HR compliance services. Companies will also be able to fund with their crypto holdings to pay local vendors in the US, Eurozone, UK, Brazil, Philippines, India, Mexico, Argentina and more.

“While the partnership is for U.S.-based payroll, tax, hr, benefits, we can also pay fiat to freelancers and vendors internationally,” said Chester.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,005.60 (-3.63%)
  • Ethereum (ETH) $185.39 (-2.86%)
  • XRP (XRP) $0.264600 (-1.38%)
  • Bitcoin Cash (BCH) $300.57 (-2.74%)
  • Litecoin (LTC) $72.25 (-2.67%)
  • Bitcoin (BTC) $10,005.60 (-3.63%)
Aug 22, 2019 (Thursday)
04:01
Indian Supreme Court grills RBI for cryptocurrency banking ban
03:49
Cryptopia customers did not have individual wallets; liquidator Grant Thornton to manually determine crypto ownership
03:34
Korean crypto exchange Prixbit shuts down over financial crisis
03:31
Crypto Technicals: BTC/USD below $10K, breach of 'Symmetric Triangle' could plummet prices further
Aug 21, 2019 (Wednesday)
12:56
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:27
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:25
European Commission looks into “potential anti-competitive behavior” of Facebook's Libra: Report
11:10
Thailand’s Siam Cement Group seeks to expand Corda-based ‘Procure to Pay’ solution to 2,400 suppliers by 2020
10:40
Crypto Technicals: BCH/USD rejected at cloud, violation at 200-DMA to open up downside
10:21
Blockchain settlement startup Fnality adds former UBS and IMF executives to management team
09:17
Austrian telecom giant A1 to offer cryptocurrency payment option
09:02
Japan's Amaten, Aelf to revolutionize gift card market using blockchain
07:37
Crypto Technicals: Monero (XMR) recovery falters at major trendline resistance, slips below cloud
07:34
Blockchain securities issuance platform iownit.us obtains approval from FINRA
06:37
Crypto Technicals: ETH/USD struggles to extend gains beyond $200 mark, bias bearish below 200-DMA
06:18
Square Crypto hires Blockstream co-founder Matt Corallo to boost bitcoin adoption
06:16
Commonwealth Bank of Australia develops blockchain-based marketplace and token to protect biodiversity
05:40
Crypto Technicals: Bitcoin fails to take out $11K mark, tumbles below 55-EMA support (10428)
05:07
EMURGO inks MOUs with South Korean trade associations to boost Cardano adoption
04:15
China may launch its central bank digital currency ahead of Facebook's cryptocurrency Libra
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft