Unlocking the Advantages of Crypto Payroll for the Global Workforce

Crypto has witnessed a rapid surge in international popularity, captivating the attention of investors and the general public alike. Its decentralized nature alongside its potential for innovation and high returns have made it an attractive alternative to government-issued currencies. 

As traditional financial systems face increasing scrutiny and limitations, crypto offers an avenue for investment and remuneration that is accessible across borders. This trend has become particularly evident as the global inflation rate spiked to 9.2% in March of 2022, causing economic downturns and mistrust in fiat currencies. 

Running parallel to high inflation, interest in crypto has continued to steadily gain traction, with global ownership reaching an estimated 4.2% in 2023.   

The widespread acceptance and adoption of crypto assets highlight their emergence as a significant force driving the future of the global financial landscape. 

Borderless Transactions with Crypto 

Amidst the turbulence of financial crises gripping global economies, a growing number of companies are shifting their treasuries away from fiat currency, while individuals are increasingly seeking compensation in crypto. 

This has led to a demand across industries for expanded access to solutions that facilitate scalable and global crypto payments, most commonly known as crypto payroll. 

Rise provides the solution to fiat and crypto payroll, offering options for paying contractors across currencies with the added benefit of flexible routing between fiat and cryptocurrencies. Crypto payroll refers to the practice of compensating contractors and employees using crypto, such as Ethereum or Bitcoin, in lieu of traditional fiat currencies. It involves the transfer of digital assets as salary or wages for labor performed, leveraging the decentralized nature of crypto to enable instant, borderless payments. 

The Advantages of Crypto Payroll 

Implementing crypto payroll allows for companies to harness the security and efficiency of blockchain technology while offering an attractive form of remuneration to contractors. 

In addition to serving as a hedge against inflation and currency devaluation, crypto enables close-to-instant cross-border transactions without the need for costly intermediaries. Whereas international wire transfers can incur expenses of up to $50 and take days to arrive, blockchain transactions can cost as little as a fraction of a cent and arrive in seconds. 

As the number of remote workers has more than doubled since 2019 and more companies than ever before are expanding their hiring practices globally, crypto payroll has emerged as a crucial solution to address the need for borderless payments. 

Start Compensating Contractors in Crypto 

For future-facing companies looking to attract top global talent, providing options for remuneration in crypto has become crucial. 

Currently there exists a limited range of comprehensive crypto payroll services that support a wide selection of currencies while ensuring compliance at the local and the global level.  

Among those presently available is Rise, a comprehensive solution for global compliance and flexible crypto payroll and routing. 

When transitioning to crypto payroll, it is of utmost importance to evaluate the diverse needs of your contractors and employees. Through this insight, an informed decision can be made regarding the product that will best optimize and align with the needs of your company. 

This post is commissioned by Rise and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.