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Get paid in Ether! Bitwage adds ETH as a salary option

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Get paid in Ether! Bitwage adds ETH as a salary option

Bitwage is a startup that helps businesses pay salaries in cryptocurrency, and recently announced that it will offer Ether as an option.

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Bitwage does not charge any service fees, but if companies opt for the premium version, they will be charged $15.99 per month for faster payments. Importantly, the new service allows companies to pay their salaried employees in cryptocurrency, which will be converted to USD for tax purposes based on the current U.S. tax system.

Bitwage stated:

Adding Ether to our main product "requires a lot of backend work," as the entire system was previously optimized for BTC, and now additional infrastructure needs to be added.

According to Coindesk, Bitwage was founded in 2014 and has been offering Bitcoin as a salary option, servicing over 30,000 employees. The company raised $1 million in early funding, including $760,000 from Draper Associates in 2015. Since 2017, the company has been experimenting with the Ethereum ecosystem, launching consulting firm Inwage and initiating several projects on the Ethereum blockchain, including a pilot project for an insurance company that utilizes Ethereum for audit tracking functionalities.

Bitwage CEO Johnathan Chester mentioned in a statement:

When Bitwage was founded five years ago, we realized that businesses were accepting Bitcoin, but employees were not able to receive it. The company currently processes $2.5 million monthly for contractors and full-time employees. "Our goal is to stop the financial loop."

It is understood that payment company Square, established in 2009, also offers a similar service where employees' direct deposits are sent to the payment platform, but employees have to manually convert it to Bitcoin.

Currently, many employees of well-known companies use Bitwage to automatically convert their cash wages into cryptocurrencies each month, including Amazon, Google, and Apple. Additionally, representatives of the company claim that many workers from Uber, as well as delivery service companies Caviar and Doordash, also utilize this service.

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