Global cryptocurrency payroll service provider, Bitwage has entered an alliance with Texas-based Simply Efficient HR. Bitwage published the blog post on January 16.
For the first time, the companies will be able to pay W2 employees and payroll taxes in all of the US states and in Puerto Rico as well via Bitcoin and Ethereum.
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.
As an outcome of this partnership, employees will be able to choose any percentage of their wage to be either in U.S Dollar or Bitcoin.
The blog mentions 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.”
The blog further cited 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, Partner of Simply Efficient HR, calls the development as an added payroll opportunity for their employees and businesses across the United States.
Speaking about the alliance with Bitwage, Clark said – “Simply Efficient HR is 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 highlighted Bitwage as the leader in cryptocurrency payroll solutions and exclaimed its eagerness towards pushing the adoption of real use-cases. Also adding, that with Simplexity, the company hopes “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 options 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 taxes.
Would you be interested in paying payroll taxes with cryptocurrency? Share your thoughts in the comments.