Workers in volatile economies most likely to be paid in crypto: report
There was an increase in employee crypto payments in the first half of this year despite the stock market crash, according to Deel.
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Residents of countries with volatile economies are more likely to receive their salaries in cryptocurrency, according to global recruitment platform Deel.
In its “State of Global Hiring Report” shared with Cointelegraph on Thursday, the company found that despite the 2022 bear market, crypto accounted for 5% of all global payments withdrawn from the platform each month, compared to 2 % in the second half of 2021.
According to the report, residents of countries with volatile economic conditions and currencies were the most likely to make payments in crypto. These include countries in Latin America (LATAM) and Europe, the Middle East and Africa (EMEA).
Crypto withdrawals in the LATAM region accounted for 67% of the total, with EMEA countries accounting for 24%. Those in the North American region only accounted for 7% of total crypto payments. The Asia-Pacific region was even weaker at just 2% overall.
In terms of asset type, Bitcoin (BTC) remained the crypto of choice, accounting for 47% of the total. The second choice of digital asset for payments was Circle's USD Coin (USDC) with 29%, followed by Ether (ETH) at 14%. Tether (USDT) didn't make the list.
Shannon Karaka, head of ANZ expansion of Deel, told Cointelegraph that in general, "we're seeing people generally only withdraw part of their salary in crypto, which could mean that they still use it as a long term investment vehicle like well", before adding:
"From what we've seen in the field, getting paid in crypto is most appealing to three main g...
There was an increase in employee crypto payments in the first half of this year despite the stock market crash, according to Deel.
New
Residents of countries with volatile economies are more likely to receive their salaries in cryptocurrency, according to global recruitment platform Deel.
In its “State of Global Hiring Report” shared with Cointelegraph on Thursday, the company found that despite the 2022 bear market, crypto accounted for 5% of all global payments withdrawn from the platform each month, compared to 2 % in the second half of 2021.
According to the report, residents of countries with volatile economic conditions and currencies were the most likely to make payments in crypto. These include countries in Latin America (LATAM) and Europe, the Middle East and Africa (EMEA).
Crypto withdrawals in the LATAM region accounted for 67% of the total, with EMEA countries accounting for 24%. Those in the North American region only accounted for 7% of total crypto payments. The Asia-Pacific region was even weaker at just 2% overall.
In terms of asset type, Bitcoin (BTC) remained the crypto of choice, accounting for 47% of the total. The second choice of digital asset for payments was Circle's USD Coin (USDC) with 29%, followed by Ether (ETH) at 14%. Tether (USDT) didn't make the list.
Shannon Karaka, head of ANZ expansion of Deel, told Cointelegraph that in general, "we're seeing people generally only withdraw part of their salary in crypto, which could mean that they still use it as a long term investment vehicle like well", before adding:
"From what we've seen in the field, getting paid in crypto is most appealing to three main g...
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