While receiving payments in cryptocurrencies might seem unwise to some, it could prove beneficial for international freelancers. Starting Tuesday, Remote, a platform that facilitates global hiring and contractor management, is rolling out cryptocurrency payouts.
Businesses located in the U.S. are now able to compensate their contractors with stablecoins across 69 different countries. This new capability is made possible through Remote’s collaboration with Stripe.
Currently, the only stablecoin supported by the platform is USDC, a widely adopted digital currency overseen by Circle. USDC maintains a value equivalent to one USD at all times, ensuring that companies and their contractors mitigate the risks associated with cryptocurrency volatility.
For contractors, receiving payments in USDC offers rapid transactions that avoid the delays often encountered in international money transfers. Payouts are handled on Base, the Layer-2 blockchain developed by Coinbase.
Additionally, contractors can receive payments in a USD-pegged cryptocurrency. In nations experiencing currency devaluation, the ability to hold USDC can enhance your purchasing power significantly.
When it’s time to shop locally, one can easily convert a portion of USDC into the local currency, deposit it into a bank account, and retain the remainder in a crypto wallet. Some users may even opt for a debit card from a cryptocurrency exchange to effortlessly spend USDC.
When contractors are registered with Remote, they can select their preferred payment method, choosing between a local currency for bank transfers or USDC. If they opt for USDC, they simply provide their wallet address and start submitting invoices. Following invoice approval in their Remote dashboard, the platform generates a payment request for each contractor and promptly executes the transfer through the selected payout method.
Looking ahead, Remote intends to extend this feature to clients based in additional countries and plans to include support for more cryptocurrencies, such as Bitcoin and Ethereum, catering to those who favor a wider range of digital assets.
Compiled by Techarena.au.
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