Fidelity Investments Experiments With Crypto Salary Payments
Geoffrey Gardiner Nov 26, 2019 03:45
Fidelity Investments experiments with paying employees in cryptocurrency
Cryptocurrency adoption is at the forefront of all blockchain ambition, with multiple countries, businesses, and individuals pushing for more in the fin-tech industry.
Fiat is seen by many as a dying currency, which should ask the question, why are staff and businesses in crypto-related fields, not paying workers in token form?
Fidelity Investments, have begun testing such a feat, by offering employee Ethereum based rewards for a number of reasons, incentivizing;
Cryptocurrency usage
Blockchain education
Attending meetings
Use of crypto payment systems
Investment companies are not alone, many exchanges including Unidax have performed similar incentives, as those working in the industry should be encouraged to understand all elements of the blockchain, payment, storage, and processing. Offering rewards in token form certainly has shown growth, with an average of 90% of employees using the tokens for a lengthy period of time according to the internal staff of the crypto exchange.
Other examples have come from airdrop activities in the industry, with many crypto businesses using free giveaways to also incentivize similar goals;
Education
Adoption
The stats on employees in the crypto industry are very hidden, but if people working in crypto aren't adopting the technology, surely this bodes poorly for general mass adoption.
Fidelity and Unidax are one of a number of companies expanding awareness, but is it enough?
With a global push for blockchain, it is likely we will see more companies testing cryptocurrency usage and educating employees.
Offering salary based payments may be far away, but bonuses and incentives surely won’t hurt.
The only problem in crypto payments may come from tax and regulation, as this is still forming across each country and government. The UK recently outlined its stance on crypto taxes but everything is still in testing, and with blockchain being difficult to monitor, would fraud become a major problem?
Ultimately, only time will tell.
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