“We are also allowing companies to hire international talent without worrying about administrative issues.”
Payroll platform Via has tapped LATAM-based crypto platform Bitso as part of its efforts to set the standard for the future of employment, not only in Latin America, but throughout the world.
Via helps hire and pay workers anywhere in the world in compliance with local regulations. The partnership with Bitso will open the door to pay checks in crypto.
The move resolves frictions within the traditional financial system, aided by the power of stablecoins, while enabling the possibility of creating organizations with a global focus.
Rise of international remote work strengthens case for crypto
The global remote work market is expected to grow from $20.1 billion in 2022 to $58.5 billion in 2027, according to Markets and Markets. These numbers show that companies are increasingly looking for talent independent of where they are based in the world.
Paying workers in cryptocurrencies is a popular method throughout countries with international payment challenges, international contractor payments, and remote workers who travel between countries and want to receive their payments in a single currency.
Itziar Diez-Canedo, Co-founder of Via, said: “Through this solution, we are giving workers more options to define how to receive their payments regardless of where they live or what company they work for. We are also allowing companies to hire international talent without worrying about administrative issues.”
Crypto payments in USD stablecoins
Via will leverage Bitso’s institutional services to utilize the potential offered by stablecoins, designed to avoid fluctuation, to help companies hire talent around the world and expand their operations internationally without worrying about the bureaucratic particularities of each nation.
With cryptocurrency payments as an alternative option, corporations large and small can ensure that their international employees are compensated fairly and quickly, in compliance with local regulations, regardless of the state of the country’s economy.
Carlos Lovera, Business Development Leader at Bitso, said: “Traditionally, receiving payments in U.S. dollars is a challenge due to the traditional banking obstacles that companies and individuals continue to face. It’s exciting to team up with Via and help resolve these frictions in Mexico and in Latin America by allowing their clients to enable crypto payments for their workers. Leveraging the advantages of stablecoins that are pegged and backed by the U.S. dollar is a perfect use case that showcases the ways in which cryptocurrencies can be a useful technology for people and companies alike.”