Značka: salary

Workers in volatile economies most likely to take pay in crypto: Report

Residents in nations with volatile economies are more likely to receive their pay in crypto, according to global hiring platform Deel. In its “State of Global Hiring Report” shared with Cointelegraph on July 21, the firm found that despite the 2022 bear market, crypto represented 5% of all global payments withdrawn from the platform every month, up from 2% in the second half of 2021. Residents in nations with volatile economic situations and currencies were most likely to take their payments in crypto, according to the report. These included countries in Latin America (LATAM) and Europe, the Middle East, and Africa (EMEA).Crypto withdrawals in the LATAM region represented 67% of the total, with EMEA countries at 24%. Those from the North American region represented just 7% of the total for crypto payments. The Asia Pacific region was even lower with just a 2% share of the whole.In terms of asset type, Bitcoin (BTC) remained the crypto of choice, making up 47% of the total. The second choice of digital asset for payments was Circle’s USDC with 29%, followed by Ethereum (ETH) at 14%. Tether’s USDT did not make the list.Deel sourced the data from over 100,000 cross-border worker contracts on the platform between January and July 2022. The firm helps businesses compliantly hire, onboard, and pay people in different countries. It noted that LATAM tops the list of regions hiring internationally.Related: Crypto education can bring financial empowerment to Latin AmericansSurging inflation is a concern for many countries in the Latin American region. Venezuela, Argentina, Chile, Brazil, and Paraguay all have double-digit inflation, according to Trading Economics.Diminishing purchasing power using their own fiat currencies is likely to have influenced the increase in crypto payments to regional workers.

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Crypto salaries are becoming a popular way to attract young talent

Athletes and politicians made headlines as they opted to get paid in crypto earlier this year. Now, in an attempt to attract a younger workforce, companies are starting to offer crypto salaries. A recent CNBC article highlighted two different cases where young talent is paid in crypto. University student Stephen Gerrits and artist Tiyanna Brown decided to receive their pay in cryptocurrencies. Gerrits works part-time at a tech startup, while Brown sells digital art in exchange for Ether (ETH). According to Gerrits, he earned more than what he would’ve made in cash due to crypto price changes. However, it doesn’t just always go up. He said that he lets it be, and he finds joy when the prices go up, but the fun ends when prices go down. Since his bills are covered by other income, he considers his crypto investment. “Why not take the chance or the opportunity to kind of strike it rich, get some money out of it,” he questions.Meanwhile, 29-year old Tiyanna Brown sells art on Rarible, a platform that lets you receive ETH as payment for your digital art. Brown is optimistic that this will provide better results in the long run. “It’s almost like licensing, so every time someone uses your art, you gain a percentage,” she said. Brown also mentioned that she wants to see the words ‘starving artist’ as “a thing as of the past.” In 2021 alone, many reports show that athletes are getting paid in crypto. In August, soccer star Lionel Messi received fan tokens for his deal with Paris Saint-Germain. In November, National Football League players Odell Beckham Jr. and Aaron Rodgers chose to accept crypto payments. The former said he would take his full NFL salary in Bitcoin (BTC) while the latter would receive only part of his salary in BTC. Aside from these, in response to a challenge by Bitcoin evangelist Anthony Pompliano, three US politicians declared that they would accept their salaries in BTC. Miami Mayor Francis Suarez, New York Mayor-elect Eric Adams, and Tampa Mayor Jane Castor said they would take BTC paychecks. Related: Recruiters say crypto firms seeking leadership in engineering, legal and financeBack in November, LinkedIn reported that crypto-related job listings increased by 600% since August 2020. Aside from this, large finance companies also offered big bonuses to attract more crypto talent. HR firm Johnson Associates says that crypto positions pay 20 to 30 percent higher than comparable non-crypto positions. There are also some setbacks when opting to get paid in crypto. One of them is your employer demanding to get the payment back. A letter sent by an unnamed employee to MarketWatch’s The Moneyist says that the employee received crypto for contract work. Following this, the token surged by 700%. The company’s CEO then sent the employee an email to return the digital assets and offered to pay in dollars.

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