Gilded, a crypto accounting software maker has launched cryptocurrency payroll platform dubbed Mass Pay, to pay up to 500 employees at once with Ethereum-based cryptocurrency tokens. As a result of the rapid rising in value of the cryptocurrency market and the uncertainty the COVID-19 pandemic created for businesses, there has been a rise in interest in crypto wage alternative — the desire for employees to get paid, in part, in digital currency.
The development, Mass Pay is designed to facilitate one cryptocurrency transaction which saves both time and gas fees when on the Ethereum blockchain. The platform allows businesses to accept payment in crypto, pay employees and contractors in crypto, account for crypto payments, and support a range of cryptocurrency wallet choices as payee preference.
Reportedly, adoption of a cryptocurrency wage as an alternative is already happening. In February, Mayor of Miami, Francis Suarez, suggested the city offer the option to its municipal workers, and accept tax payments in cryptocurrency. Twitter CEO Jack Dorsey said the company is exploring paying employees in Bitcoin. The NBA’s Sacramento Kings also announced they would soon offer Bitcoin as a salary option for their whole organization.
According to the CEO of Gilded, Gil Hildebrand,
“In a climate with an increasingly tech-savvy workforce that’s embracing the maturing crypto ecosystem, the appetite for salaries to be paid in crypto is growing rapidly. Before now, all crypto payroll solutions were custodial, eliminating many of the benefits of using blockchain technology for payments but our latest development, Mass Pay is a non-custodial, comprehensive solution with built-in accounting that enables any business to become a blockchain business. Mass Pay gives businesses a single streamlined solution to pay up to 500 employees in crypto, saving them time and gas fees and making paying employees in cryptocurrency easier than ever.”
Furthermore, crypto payroll can benefit both employees and employers, allowing for more freedom over funds, fast global payments, and the removal of traditional banks who intermediate and delay payments. However, with the history of cryptocurrency value been volatile, individuals should fully understand the crypto risk before agreeing to accept wages in digital money.