Cryptocurrency payroll solution provider Bitwage has expanded its payment service capabilities by adding the USDC stablecoin to its list of crypto assets.
Bitwage CEO Jonathan Chester spoke about the company’s desire to simplify the process of paying remote employees from foreign countries.
In his opinion, this process is associated with many technical problems, and first of all, it is too costly and long. To make matters worse, many of the remote workers are paid in local currency. At much higher inflation rates than in the US, this results in a loss of 5% to 20% of funds.
“USDC wages come with lower transaction fees, so you can get money faster and cheaper, and keep it as digital dollars for savings. Our users have been asking for low-cost options for stablecoins, and we are very happy to provide them,” said Chester.
After integrating USDC into the Bitwage payment service, remote employees will be able to receive any percentage of their salary using a digital currency pegged to the US dollar. This will not only lead to lower costs, but will also provide an opportunity to store funds in the digital equivalent of US dollars.
Bitwage provides two payment services: direct deposit, where a portion of employees’ salaries are automatically exchanged for cryptocurrency, and a team pay option, where the company provides corporate payout services.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
