Europeans Can Now Get a Bitcoin Salary, Save Their Boss Money

Alternative wages handler Bitwage has announced the launch of its service to individual clients in Europe.

Also read: Can Banks be Replaced by an App? BitWage says yes they can

Bitwage Brings BTC Salaries to Europe

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Jonathan Chester

In a major venture outside the US, the company is offering its Bitwage Payroll for Individuals (BPI) to allow employees to receive up to 100% of their salary in one of over 20 currencies and assets. Bitwage also distributes EU bank accounts to clients as part of the process, allowing them to receive funds while being physically in any part of the world.

“Given the success of our Wage Payments platform in the US and abroad, we wanted to illustrate how easy international & domestic wage payments could be in Europe by offering our service to individuals,” Bitwage president, Jonathan Chester, wrote in a blog post announcing the unveiling.

Bitwage’s payout process allows employees and individual contractors to invoice using pre-supplied bank accounts. Employers are then able to send all or part of a salary to the account, which is then converted into the currency or asset requested. Moreover, the service can also save employers money.

Chester explained:

By using Bitwage Payroll for Individuals to accept the payments in the EU, you are reducing costs for both you and your employer, and having whatever asset(s) you choose sent straight to your digital wallet, debit card, or bank account.

In addition to national currencies, funds can be converted to gold, silver and, of course, bitcoin. There is also a Bitwage-specific, euro-denominated prepaid debit card.

“BPI is compatible with any existing payroll systems like Intuit, ADP, Bill.com, Gusto, TriNet and freelance marketplaces like Upwork,” Chester added. “Users can even track their funds like Fedex packages, knowing when the funds were sent and where they are during transmission.”

Bitwage has seen swift uptake of its products since its launch in late 2014, closing its latest fundraising round at $760,000 USD in November of last year. Most recently, the company added innovations such as allowing payouts via credit or debit card, subject to a monthly limit of $500, in response to feedback from clients.

Spending Your BTC Salary

Bitwage-Logo-LG-CT2-825x510Easily integrating Bitcoin payment with traditional payout options is a market being increasingly eyed as a method of expanding Bitcoin uptake and acceptance.

Jus this week, Bitcoin.com proudly launched its new Spend-Bitcoin-Online service acting as a one-stop shop for finding anything in the world available for bitcoin at the best available price. Spendabit scans all online Bitcoin-accepting merchants that currently lists over 2,500,000 product items, and displays results for users who can then decide which merchant represents the best value for them based on price, location and other factors.

Within the EU, this month also saw the release of Coinsbank’s Universal Crypto Solution, a raft of products and services built on the blockchain designed as an all-in-one cryptocurrency service for users.

Would you prefer to get paid in Bitcoin over fiat currency? Let us know in the comments section below!


 

Image courtesy of fastcompany.com, linkedin