Contractors — 20 min
Digital currency adoption is on the rise. When your employees want to be paid in cryptocurrency, Remote can help make that happen — thanks to our new integration with Coinbase!
Today, we are introducing a new feature for employees based in the United States: the ability to split payments between multiple deposit methods, including multiple bank accounts and cryptocurrencies like Bitcoin, etc. With these new features, workers employed through Remote now have greater control over their finances.
Why would your employees want to receive payments in crypto? Digital assets come with a few advantages:
No boundaries: As more employees work remotely, cryptocurrencies can be used and exchanged internationally. The price of crypto is independent from the price of local currencies, which can appeal to people who need to access money easily while traveling.
Speedy payments: Digital assets like cryptocurrencies have the advantage of speed in some use cases. Many people enjoy using crypto to skip the wait on certain banking functions.
Zero banking fees: Banking fees can be frustrating. With cryptocurrencies, fees tend to be low or nonexistent, allowing users to keep more of their money during transactions.
Easy to set up and manage deposits: Simply choose the amount and currencies (including a variety of cryptocurrencies, stablecoins, or USD) to receive. Users can update preferences at any time within the Coinbase app or on coinbase.com. Users may also be eligible to receive paychecks up to two days early.
Mitigate market volatility with regular investments: Regularly scheduled deposits are an easy way to maintain dollar-cost averaging (DCA) for crypto investments.
Whatever your team’s reasons for choosing crypto, Remote and Coinbase allow you to provide more options to meet their needs.
This new split payments capability from Remote allows employees to define percentage breakdowns between each deposit method. Whether employees choose to use this feature to receive a portion of payment in crypto or simply want to select multiple bank accounts, split payments are a great way to put financial control back in your team members’ hands.
Employees can define multiple deposit methods directly on Remote, making it easy to manage salary payments.
Through Coinbase, workers employed through Remote can now deposit a portion of their salary into crypto automatically. Crypto support enables instant transfers into their Coinbase account with zero fees.
If you are employed through Remote and choose to have a portion of your salary deposited into your Coinbase account, we will transfer the USD amount to your Coinbase account automatically. Coinbase converts the transferred USD amount into your cryptocurrency of choice without adding any platform fees, allowing you to maximize your investments.
Remote customers can learn more about setting up this integration in the Remote Help Center.
What are the benefits of this for the employee?Employees get full control over how they receive their salary payments, all directly on the Remote platform.
Are there any additional fees for converting my salary to crypto?If you choose to be paid in crypto, Coinbase will automatically convert your payment from U.S. dollars to crypto with no transaction fees.
Is this available for both full-time employees and contractors?At this time, this feature is only available for people employed full-time through Remote and based in the United States.
How much of my salary can I deposit into my Coinbase account?You can use the split payments capability on Remote to define the salary percentage split that should be transferred to your Coinbase account.
Can I choose to get paid in a specific crypto currency?You will be able to see the list of all the cryptocurrencies that Coinbase supports as you setup your account. Choose the crypto currency you want to receive your payment in and save!
The ability to split payments across multiple accounts, including cryptocurrencies powered by Coinbase, can help businesses offer greater flexibility to their teams. For employees who enjoy exercising more control over their financial assets, splitting salary payments is a great way to make personal finance a little easier.
We are continuing to work on new financial features for employees in the U.S. and all over the world. If you would like to learn more about Remote’s global payroll capabilities, contact us today to speak with a global employment expert.
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