Cryptocurrency payroll service Bitwage is partnering with a Texas-based payroll company Simply Efficient HR to give more firms the ability to pay their workers in cryptocurrency. The initiative, which launches on January 16, 2019, is available in all 50 American states.
This partnership allows companies across the United States and Puerto Rico to fund their W2 payrolls and payroll taxes in ether and bitcoin. At the other end, employees can choose what percentage of their wages will be paid in bitcoin or paid in fiat currency.
Jonathan Chester, co-founder and CEO of Bitwage, explained:”We are enabling BTC or ETH to be a part of this. The BTC or ETH gets converted into fiat to be able to interact with these traditional systems. The worker can choose to receive a portion of their wage in BTC at the end as well.”
At the moment, Bitwage has 45 clients and the number may be expanded a lot soon as crypto payments for employees get more and more common. In fact, it was revealed during the interview that the company may start a partnership with Simply Efficient HR and that this could boost the number to more than 20,000 companies in the future.
Bitwage is a bitcoin payroll and international wage payment service that allows users to be paid (or pay wages in) bitcoin and other alternative payment methods – like local currencies and/or commodities. Employees and employers can use Bitwage to reduce costs, increase transparency, and boost the speed of international wage payments. The company is headquartered in San Francisco, with offices in Dublin and Amsterdam. They launched in 2013, with a beta version appearing online in 2014.