Staffers at CoinCorner, a British bitcoin trading venue and exchange founded in 2014, now receive part or all of their salaries in cryptocurrencies including bitcoin, ether, and XRP, via CoinCoiner Checkout, a crypto payments solution that eliminates the risks of price volatility for users, reports IOMToday on August 19, 2019.
CoinCorner Fostering Bitcoin Adoption
Per sources close to the matter, staffers at CoinCorner exchange have all shown interest in getting paid in bitcoin and supported altcoins like ether, XRP, and litecoin.
Reportedly, the firm gave workers an option of getting paid a part or all their monthly earnings in cryptos and seamlessly convert it to fiat at any point in time using the CoinCorner Checkout crypto payments service.
Bitcoin is the Future of Money
Explaining the reason behind its decision to pay staff salaries in blockchain-based virtual currencies, Danny Scott, CoinCorner’s co-founder reiterated that the company strongly believes bitcoin and established altcoins are the future of money and it is CoinCorner’s goal to enable as many people as possible gain easy access to cryptocurrency.
Scott also noted that CoinCorner, as one of the world’s oldest bitcoin exchanges, has provided a quick and easy way for consumers to start using cryptocurrency and it plans to keep doing so.
He also made it clear that one of the primary objectives of the exchange is to enable new businesses to accept bitcoin payments through its innovative service, CoinCorner Checkout and ultimately promote the widespread adoption of digital assets on the long run.
The team claims its new payment gateway helps to mitigate the risk of bitcoin price fluctuations by making it possible for individuals as well as businesses to quickly convert their cryptos to fiat GBP in real-time and receive it through the U.K.’s Faster Payments Service (FPS).
‘We hope to see this set a precedent for how other companies could manage salaries in the long-term and hope that it encourages them to try innovating by offering employees the choice to be paid in Bitcoin,’
Scott who also receives part of his payment in cryptocurrency further outlined that workers at CoinCorner can swiftly convert their cryptos into GBP and there are no issues pertaining to the payment of income tax.
Despite the super volatile nature of cryptocurrencies, more and more entities are latching onto the crypto bandwagon with each passing day, thanks to the borderless nature cryptoassets and freedom that comes with them.
On August 15, 2019, BTCManager informed that the NBA team, Dallas Mavericks will begin accepting bitcoin as payment for game tickets and merchandise, shortly.