Bitwage is a startup that facilitates organizations to pay their workers in digital currency. It has now included ether as an alternative. Bitwage employers can now pay salaries in ether.
The company serves over 30,000 employees, and since 2014, has been providing direct deposits of bitcoin.
Any percentage of the fiat amounts due to them by their clients or employers, can be received or paid in crypto to:
- Independent contractors
A Bitwage spokesperson said that adding ether to Bitwage’s main offering :
“took a lot of behind the scenes work… because the whole system was optimized for BTC. It’s just a matter of now having gotten the infrastructure to add it.”
Several blue-chip companies have employees that use Bitwage to automatically convert their cash salaries into crypto including Amazon, Google, and Apple. Additionally, many gig workers for Uber, Caviar, and Doordash utilize the services, according to the representative.
The company currently processes $2.5 million in monthly volume for contractors and full-time employees. Bitwage employers can now pay salaries in ether.
“Our goal was to close the financial loop,” CEO Johnathan Chester said in a statement.
Bitwage provides two payment services:
- Direct Deposit: where employees have some portion of their pay rates sent to the organization to be traded for crypto consequently through dollar cost averaging.
- Team Wages: where Bitwage provides companywide payroll services.
There is no fee for the basic service, as the company makes a spread on the exchange. Bitwage also offers a premium version, which costs $15.99 per month, and provides payments sooner.