Deel: residents of fragile economies more likely to be paid in cryptocurrency
Latin America accounts for 67% of digital asset withdrawals from the platform, while Europe, the Middle East and Africa economic regions account for 24%
24.07.2022 - 07:30
438
2 min
0
What’s new? Deel, a recruitment platform, which also calculates payroll, conducted a survey of 100 000 contract workers worldwide. Cryptocurrencies now account for around 5% of the platform’s payments, compared to just 2% in the second half of 2021. The report notes that residents of fragile economies are more likely to receive cryptocurrency payments. Latin America accounts for 67% of digital asset withdrawals, while Europe, the Middle East and Africa (EMEA) economic regions account for 24%. Residents of the North American and Asia-Pacific regions account for just 7% and 2%, respectively.
What else does the report say? Analysts have identified three groups of people for whom getting paid in cryptocurrency is most preferred: those who use this tool as insurance against local currency instability; those who work in jurisdictions with outdated banking systems that slow down payrolls; and those who add cryptocurrency to their investment portfolios.
Shannon Karaka, head of expansion at Deel, noted that people often only convert a portion of their payroll into digital assets. This could mean that investors are still considering cryptocurrency as a long-term investment.
The most popular cryptocurrency among Deel customers is bitcoin, accounting for 47% of cryptocurrency withdrawals. It is followed by Circle’s USDC stablecoin (29%) and Ethereum (14%).
In June, Yekaterinburg-based IT company Zavod-IT offered employees to be paid in cryptocurrencies such as BTC, ETH, USDT, and XRP. The company’s founder Alexander Protsyuk said that up to 30% of employees switched to the new form of payment. According to him, this should protect them from economic instability.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 533
BTC
+0.14%
-
Ethereum
$3 353.2
ETH
+0.94%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.54
XRP
+9.53%
-
Dogecoin
$0.473322
DOGE
+22.43%
-
Cardano
$1.08
ADA
+25.06%
-
Stellar XLM
$0.434017
XLM
+52.94%
-
Polkadot
$7.64
DOT
+26.75%
-
Bitcoin Cash
$529.44
BCH
+9.36%
-
Litecoin
$102.47
LTC
+14.32%