Human Capital Management outsourcing firm, Simply Efficient is in advanced talks with Bitwage, a payroll & invoicing solution built on top of the bitcoin blockchain to offer digital currency as a payroll option to its clients.
The service is expected to offer innovative and cutting edge beneﬁts to employers which are sought after primarily by male job seekers between the ages of 18 and 35. This is the generation of millenials that account for the larger percentage of crypto enthusiasts and those willing to explore the opportunities embedded within the structure of digital assets and their underlying technologies.
Simply Efficient Partner Larry Clark said;
“Staying in the forefront of current trends and technology is critical to our growth vision. Although I am older than most cryptocurrency investors, I thoroughly understand the growing need for blockchain technologies and completely believe that digital currency as a fiat option in payroll and retirement plans will soon be a relevant option for today’s workforce”.
Millennials Prefer Cryptocurrency
According to data from the National Institute on Retirement Security, 95% of Millennials are not saving adequately for retirement, with 66% not saving at all. This is due to the complicated process of beginning to invest into traditional assets and the lack of assets that are interesting for millennials.
According to the 2017 Fall Survey from Blockchain Capital, 1 in 4 US Millennials prefer to invest in Bitcoin over Traditional Assets. This means about 21 million adults between 18 and 35 prefer to buy cryptocurrency over government bonds, stocks, real estate or gold. Only 4% of US Millennials have ever actually owned or currently own Bitcoin. Also, 48% of millennials agree that Bitcoin is a positive innovation in financial technology.
An Easy Way To Accumulate Bitcoin
By offering digital currency to employees, Simply Efficient believes that it is the easiest way to start accumulating Bitcoin as an investment. The service will provide flexibility to change USD and Digital Currency payout preferences, lowered volatility risk for investors by allowing simple Dollar Cost Averaging, simpliﬁed capital gains reporting, improved security to receive digital currency into the wallet of the users choice and no obligation to pay capital gains taxes for cryptocurrency put into Roth retirement accounts.
“We have been working with a few payroll companies like simply Efficient to introduce this solution,” said Co-Founder of Bitwage, Jonathan Chester. “Bitwage is the world’s leading provider of cryptocurrency Payroll & Invoicing solutions with over 20,000 users in 90 different countries. Bitwage has performed $50 Million in cryptocurrency- based payroll transactions to date and is insured for Errors & Omissions and Cyber Liability by a top-rated insurance carrier with an AM Best Rating of A and above. Having raised $1 million, Bitwage is backed by institutional investors as well as corporates, such as Orange, BPI France, Draper Associates, Candela Reach, Plug and Play Ventures and the founders of Hubstaff.”
The administrators of this system will be able to use it with “no knowledge” of cryptocurrency and there are automated solutions that remove capital gains exposure and public cryptographic key administrative requirements.
Iyke Aru is a seasoned author and educator in the blockchain and cryptocurrency industry. He has been in the business of crypto content writing for many years with thousands of his articles across several platforms on the internet. Iyke is based in Nigeria where he stands out as one of the most informed and credible figures in the cryptocurrency industry. Outside blockchain and crypto, you will most likely catch Iyke playing or discussing football with friends and family.