Bitwage, a global cryptocurrency payroll service provider, has entered an alliance with Texas-based Simply Efficient HR, according to the official blog published on January 16. The move will enable companies to pay W2 employee and payroll taxes in all 50 United States and Puerto Rico, using Bitcoin and Ethereum.
Bitwage also posted on Twitter about the news stating that U.S companies can now fund W2 payrolls and taxes in Bitcoin and Ether.
Due to the innovative and scalable business model for Human Capital Management Solutions; Simply Efficient HR is one of the fastest growing Administrative Service’s Organization (ASO) in the U.S.
Following the alliance, employees can now choose any percentage of their wage to be in U.S Dollar or Bitcoin as an outcome of this partnership.
The blog states that
“Bitwage bridges the gap between bitcoin and the traditional finance system. As a company that earns 100% of revenue in bitcoin, we are always looking for service providers who will accept digital currency.”
According to the blog, Paxful has a significantly sized team in the United States and we need to pay them not as contractors but as employees on the payroll.
The blog further stated that “Bitwage has recently formed a partnership with a traditional payroll company who integrates into their platform to provide these services. Paxful simply sends bitcoin to an address, and our employees receive net checks with the proper federal and state taxes withheld.”
Larry Clark, the partner of Simply Efficient HR, calls the development as an added payroll opportunity for their employees and businesses across the US.
Clark, further speaking about the alliance with Bitwage said, “we are a new breed of HR thinking, offering our clients fresh new innovative ideas to help them empower their business and employee growth. Our partnership with Bitwage proves this statement.”
Jonathan Chester, Founder and President of Bitwage expressed his excitement on the partnership and shared the news on Twitter. Chester hopes that this will help in reaching the original goal of the company, which is to close the financial loop within the cryptocurrency industry.
Chester stated on the blog, “As the leader in cryptocurrency payroll solutions, we are excited to continue to push the adoption of real use-cases within the industry. Together with Simplexity, we hope to close the financial loop within the cryptocurrency industry and continue to make Bitcoin and other cryptocurrencies a part of everyday life.”
In general, we can believe that the option provided by Bitwage may become interesting especially for firms that have significant crypto reserves. The employees can receive their payments in cryptocurrency and also use the same to pay for the tax.
Would you be interested in paying payroll taxes with cryptocurrency? Share your thoughts in the comments.