Via, a global payroll platform that helps hire and pay workers anywhere in the world in compliance with all local legal regulations, announced that it has opted for Bitso, the cryptocurrency platform in Latin America, to streamline international payments for workers using the power of stable cryptocurrencies, “resolving frictions with the traditional financial system and giving the possibility to create organizations with a global focus.”
It is becoming increasingly critical that companies be able “to find the talent they need no matter where they are in the world.” 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.”
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.”
Taking advantage of Bitso’s institutional services, Via is “committed to bringing the potential offered by stable coins, cryptocurrencies linked to the value of a fiduciary currency (dollar, euro, etc.), known as stablecoins, and which were designed to avoid fluctuation, to help companies hire talent around the world, allowing them to expand their operations internationally without worrying about the bureaucratic particularities of each nation.”
Paying staff in a new country “means solving problems like inflation and hidden foreign transaction fees by providing hassle-free payment options.”
With cryptocurrency payments on the table, corporations small and large can “ensure that their international employees are compensated fairly and quickly, in compliance with the regulations of each country and regardless of what may be happening in the local economy.”
Carlos Lovera, Business Development Leader at Bitso, said:
“Traditionally receiving payments in US dollars is a challenge due to the obstacles of the traditional financial system that both companies and individuals continue to face. It is exciting to support Via in resolving these frictions in Mexico and in Latin America, allowing its clients to enable crypto payments to their workers, using the advantages of stable cryptocurrencies that are equivalent and backed by the US dollar, which shows us one more use case that is making cryptocurrencies a useful technology for people and companies.”
Paying workers through cryptocurrencies is a popular method in countries “with challenges and challenges when it comes to making international transfers, international contractor payments, and remote workers (or digital nomads) who travel between countries and want to receive their money in one place. currency.”
In addition, cryptocurrencies “allow these transfers to be almost instantaneous and allow companies to avoid high exchange rates that can be up to 15%.”
With the enablement of crypto payments, workers can “receive a higher net amount in their accounts by significantly saving on commissions and exchange rates that remain within the traditional financial system.”
Thanks to Via’s use of Bitso’s services, the company claims it is “setting the standard for the future of employability, not only in Latin America, but throughout the world.”