Via, a global payroll platform that helps hire and pay workers anywhere in the world in compliance with local regulations, announced that it has chosen Bitso, the leading cryptocurrency platform in Latin America, to revolutionize international payments for workers in Latin America.
Through the partnership, the company will resolve frictions within the traditional financial system, aided by the power of stablecoins, while enabling the possibility of creating organizations with a global focus.
According to Markets and Markets, the global remote work market is expected to grow from $20.1 billion in 2022 to $58.5 billion in 2027, making it critical for companies to be able to find the talent they need no matter where they are based in the world.
“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,” explained Itziar Diez-Canedo, Co-founder of Via.
Leveraging Bitso's institutional services, Via is committed to utilizing 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. 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 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.
“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,” explained Carlos Lovera, Business Development Leader at Bitso.
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. In addition, payments in cryptocurrencies are almost instantaneous and allow companies to avoid high exchange rates of up to 15%. By enabling crypto payments, workers can receive a higher total 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 is setting the standard for the future of employment, not only in Latin America, but throughout the world.