CoinCorner pays staff salaries in bitcoin

CoinCorner pays staff salaries in bitcoin

Would you be happy to have your salary paid in bitcoin? For staff at Isle of Man-registered crypto exchange and wallet provider CoinCorner, the hypothetical question has now become reality, with 100% of the firm's 15+ employees taking up the offer.

Staff at the company have been given the option to receive part or all of their salary in the GBP equivalent of bitcoin, ethereum, litecoin or XRP.

CoinCorner reports that all employees opted to allocate a portion of their salary to bitcoin, with one employee taking home their full salary each month in the cryptocurrency.

Danny Scott, co-founder and CEO at CoinCorner, says: “It’s our belief that Bitcoin is the future of money and our mission is to make it accessible to as many people as possible. Our team have welcomed the opportunity to have their salary paid in cryptocurrency.

"We hope to see this set a precedent for how other companies could manage salaries in the long-term and hope that it encourages them to try innovating by offering employees the choice to be paid in Bitcoin."

The news comes on the day that New Zealand‘s tax authorities deemed it legal for companies to pay employees in bitcoin and other cryptocurrencies.

The price of bitcoin has seen an increase of more than 200% since the beginning of 2019. But the option still remains a risky bet, with extremes in volatility and a stream of warnings from financial regulators about the hazards of investing in crypto markets.

Comments: (1)

A Finextra member
A Finextra member 12 August, 2019, 13:03Be the first to give this comment the thumbs up 0 likes

This is not a first, many Crypto companies give employees the option to receive their salary in Crypto or Fiat. Some struggle to exchange larger sums however and often have to exchange piece meal which disrupts cashflow.