The world demands businesses to not only be digital but also do digital.
Massive technology and automation developments have opened new ways for businesses to be more competitive. One of the current trends in technological competitiveness is cryptocurrency. TenX Company, for example, has implemented a new payment method using cards in their Singapore-based company. The news wrapped up that TenX uses token created by digital wallet and payment card company. It gives ease and efficiency in paying their local and overseas employees. The co-founder and CEO of TenX, Toby Hoenisch, commented, “As of today, we have our cards live.” So, are you ready to be the next TenX to pay your employees with cryptocurrency?
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What is cryptocurrency?
As mentioned earlier, cryptocurrency is derived from two words “crypto” and “currency” which means a digital currency. The examples of cryptocurrency are Bitcoin, Ripple, Ethereum, Tether, and so forth.
Paying in cryptocurrencies money, also known as altcoins, can have several advantages. In the property market, for instance, cryptocurrency becomes a choice when doing a transaction. A survey from Open Access Government showed that business people began to use cryptocurrency for their transaction. As cited in the survey, the latest venture involves a £250 million residential scheme is bought using Bitcoin. The rumour spreads that the cost of the apartments ranges between 54-80 Bitcoins which equals to $250,000 and $380,000. In addition, the survey cited that those who invest in digital currency might find themselves making money from Bitcoin. No wonder, market and individuals nowadays are interested in cryptocurrency as it can generate passive income by investing in it.
What does cryptocurrency have to do with HR?
As you see that cryptocurrency is on the rise, intelligent HR should already know and turn it to their advantage. How? First is by acknowledging and making yourself familiar with this technology. Second is by investing and probably offer a payment and benefit option in forms of altcoins to employees.
Doing payment with cryptocurrency will be much cheaper and more efficient. For instance, in traditional payment, you need to lose money in conversions when paying or doing a transaction with offshore clients. However, with altcoins, you do not need to lose money in conversions. Additionally, Jasmin Ye Han in her survey found that about 200 employers are already paying employees in altcoins. Employees, on the same regard, are also interested in investing money in Bitcoin and hoping its market value will increase as a digital currency.
Thusly, why not ask your employees and agree on something new such as altcoins payment, maybe?
Read also: Blockchain Definition & Why HR Should Invest in Blockchain