a bitcoin sitting on top of a pile of money

Crypto Payroll is on the Rise

GM Staff Writer

Published: 17 April, 2024

How people think about crypto is changing. No longer are digital-coins considered only by the investor or the tech-minded. As the industry grows, crypto is being embraced more and more by the everyday - the everyday business, the everyday individual - a new generation of crypto-enthusiasts that understand the value of decentralised currency, and choose to get paid in it, too.

But why crypto-payroll?

A Shift in Payment Paradigm

The shift towards crypto-payroll is largely due to the growing, mainstream adoption of blockchain and digital cryptocurrencies, and the recognition of this technology as a legitimate and credible form of payment. Blockchain technology is secure and transparent, and the crypto-holder ultimately has control over their own assets, without the need for banks or centralised exchanges.

person using black and gray laptop computer

For the employer, using crypto as a payment vehicle removes many of the added costs and transactional issues that arise when using traditional fiat banking methods, such as flat-transactional fees, exchange rate currency conversions, and additional costs that might arise when sending money abroad, be it to an employee or customer. On top of this, you have annual banking fees, as well as processing times, and potential delays when facilitating the range of transactions that may be required by your business.

Crypto transactions are more or less instantaneous, and international transactions can be made without the need for currency conversions or charges. Crypto holds the same value wherever you are - one bitcoin is one bitcoin.

A New Normal

As remote work and digital nomadic lifestyles become the norm, particularly within tech and web3 industries, adopting cryptocurrencies as a method of payroll becomes a legitimate and attractive way of transacting, as well as a means of enticing potential employees to your company. As businesses become more web3 centric, we have seen a rise in the number of crypto payroll platforms that assist companies with crypto-adoption, helping to facilitate payments and advising with tax-issues and costs that may occur for businesses using cryptocurrencies in this manner.

woman sitting on tiki bar facing silver laptop

As crypto is embraced as a method of payroll, more businesses will be willing to accept crypto as a form of payment, because that is the currency their customers will use. If people are paid in crypto, then it is only natural that they will want to spend crypto as they would if they were receiving their salary in fiat. As the growth in crypto payroll companies shows, the everyday person is becoming more knowledgeable regarding the benefits of holding and spending cryptocurrency.

A Marketplace for Crypto

For those with crypto to spend, GM.co is the largest crypto-marketplace in the world, where users can buy physical products and digital items such as gift-cards, transacting entirely in crypto - paying straight from your wallet, with goods delivered straight to your door.

Buy and sell with crypto, on GM.co