Crypto payments for professionals are on an upward trend according to the most recent data produced by global payroll specialist Deel, who said that the continuing market downturn has not deterred professionals from accepting payment in crypto assets.
Crypto payments made up 5% of wages collected by cross-border professionals in the first half of 2022, up from 2% in the previous six months.
“Crypto withdrawals hold steady the last six months,” the platform said.
According to the research, areas with high currency fluctuation are particularly fond of using crypto payments, with Latin America leading the pack with 67 percent of all withdrawals made globally between January and June 2022.
According to Deel, North America came in second with a 7 percent share, followed by Europe, the Middle East, and Africa with a 24 percent stake, and the Asia-Pacific area with a 2 percent stake.
Professionals receive their salaries in a variety of coins, but according to data from the research, bitcoin (BTC) dominated the crypto payments market in the first half of this year with a share of 47%.
The top cryptocurrency was followed by Ethereum (ETH), with 14 percent, and USD Coin (USDC), with 29 percent, respectively. Additionally, international experts are getting paid in Dash (DASH), which has a 2 percent stake, and Solana (SOL), which held an 8 percent share.
Deel claimed that for its research, it examined information from over 100,000 cross-border contracts in 150 different countries and over 500,000 pay data points from Deel and outside sources. The countries featured all have more than 20 employer-worker contracts on file as of the report’s publishing, and trends are monitored over a six-month period, from January to June 2022.
Deel claims that its services are utilized by more than 8,000 clients worldwide and that it offers the essential tools to legally engage, pay, and manage contractors and workers in over 150 different countries. According to information from Deel, some of the platform’s customers include Airtable, Andela, Dropbox, Shopify, and Spendesk.
According to Deel, crypto payments for professionals are usually accepted by the contractors in Bitcoin, Ethereum, Solana, Dash, and USDC. The platform also stated that these contractors can choose whether to take the whole payment or a portion of it.
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