Bitcoin payroll product piloted by Mode and PayEscape

Karthik Subramanian

In a further effort to bring bitcoin into the mainstream, Mode Global, a UK-based fintech, has tied up with payroll provider PayEscape to pilot a new payroll product that would help the employees to receive a part of their salary in bitcoin.

This is seen as a way to encourage the users to receive a part of their salaries in bitcoin and it is something that has been discussed by many crypto-based companies before. Some companies are working on making these salaries floating so that the employees would be able to receive the salaries that they have earned till that specific day but all this goes to show how efforts are being made to get people used to working with bitcoin and other cryptos for receiving and sending payments. This Bitcoin Payroll product is a platform where the user can specify how much of his salary needs to be converted into bitcoin and this will then be deposited directly into his bitcoin wallet held at Mode Global.

Ryan Moore, CEO, Mode, said: “By automating the process of converting monthly pay deductions into bitcoin, Mode aims to make it easy, convenient, and accessible for people in the UK to gain exposure to the asset class.”

The employees have to remember that this is naked exposure to the volatility of bitcoin which can swing any way at any point in time. The employees must understand and accept this risk before they seek this product and it remains to be seen how the platforms are going to educate their users about the same. The regulators would also be watching this with a close eye as it is likely that many users may be tempted into taking their salaries in bitcoin but might end up with losses and a lot of emotional stress which they may not be able to deal with. This is where the stablecoins are likely to present a better option for the users as the value would be tied to the fiat currencies but at this time, the companies seem to be reluctant to delve too much into the stablecoins and prefer to go with the popular approach of bitcoin for saving and payment purposes. Whether the mainstream users would be able to digest the risk and volatility is something that we have to wait and see.

Read this next

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading

Technology

DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

<