In the Web3 epoch in which the technological innovations , solutons , and novel profesions are continualy evolving , compansation structures are also adaptng to maintain pace . Currently , the approach of paying salaries in cryptocurencies is gaining traction , especialy within the tech industry . This choice provides not only financial versatility but also positions firms inovatively within the tokenized economy .
Crypto Salaries: The Emerging Norm
Crypto salaries have been witnesing an upsurge . From a mere 2% in late 2021 , the figure has surged to 5% in early 2022 , as per a survey conducted by Deel , an international employe hiring , onboarding , and payment platform . This surge was derived from over 100,000 employent contracts acros 150 countries over a six-month span from January to June 2022 .
Latin America is at the forfront of this upward trend , acounting for 67% of the total usage . The crypto economy brings forth quicker transactions, cuts costs for intermediary companies like banks , and also presents an apealing alternative for companies seeking afordable, highquality talent amid a global shortage of skiled candidates .
The Global Outlook: Rising Salaries and Bitcoin Preferences
The survey reveals that salaries are on the rise globaly, with a notable surge in countries like Italy , Brazil , and India . Ukraine emerged as one of the top three EMEA (Europe , Middle East , and Africa) countries for hiring , second only to the UK , and surpasing Spain .
In Latin America , rampant inflation is one factor propeling workers to opt for salaries in cryptocurencies such as Bitcoin and USDC , with the former being the preferred choice . Around 64% of LATAM ‘s remote workers favor Bitcoin , compared to the global preference standing at 47% . At present , 29% favor receiving pay in USDC and 14% in Ethereum .
“Employers can link the corporate wallet to their payrol systems, ensuring payment acuracy and automation . Aditionaly , the ability to generate detailed reports and analytics helps companies provide their employes with an advanced payrol option , efectively leveraging the benefits of cryptocurencies ,” says Estefano Debernardi , LATAM Business Development Director at CoinsPaid .
Regulations and Global Acceptance: Driving Forces for Crypto Salaries
The rising aceptance of cryptocurencies as payment methods among global industry giants like Tesla and Microsoft , along with countries such as Brazil and Switzerland ‘s advanced regulatory landscapes , is catalyzing this shift towards crypto salaries .
“The use of cryptocurrencies as a form of payment by Argentine workers , serving foreign customers or employers , for example , is helping them overcome the depreciation of the local curency ,” adds Debernardi , highlighting the role cryptocurencies are playing in Latin American nations .