Crypto accounting software maker Gilded has released Mass Pay, a platform for businesses to pay up to 500 employees at once with Ethereum-based cryptocurrency tokens. As retail and institutional adoption of cryptocurrency has risen, there has also been a rise in interest in employees wanting to get paid in crypto tokens.
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.
The cryptocurrency market is currently valued at more than $2 trillion, and crypto giants like Bitcoin and Ethereum have been rapidly rising in value in 2021. Coupled with 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.
Adoption of a crypto wage alternative is already happening. In February, Francis Suarez, mayor of Miami, 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.
“In a climate with an increasingly tech-savvy workforce that’s embracing the maturing crypto ecosystem, the appetite for salaries paid in crypto is growing rapidly,” said Gil Hildebrand, CEO of Gilded, in a statement. “But until now, all crypto payroll solutions were custodial, eliminating many of the benefits of using blockchain technology for payments. 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.”
A 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, cryptocurrency value has historically been volatile, which is a risk that individuals should understand fully before agreeing to accept wages in digital money.
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