GMO Group employees will start receiving a minimum of 10,000 Yen and a maximum of 100,000 Yen, although that is the starting point. The move could attract employees willing to take advantage of cryptocurrency prices but volatility might be a great concern for many. Other companies may follow suit if the move is successful.
Japanese-based GMO Internet Group wants to process employee salaries through cryptocurrencies by creating a Bitcoin-related payroll for its staffers.
Using the system, employees can receive a minimum of 10,000 Yen and a maximum of 100,000 Yen. Although this is low compared to what the employees earn, it is only a starting point. Further, employees who use the feature will receive a 10 percent bonus.
Only a few companies pay salaries via Bitcoin
Not many people receive salaries and bonuses in cryptocurrency world-over for now. However, a recent study showed that 40 percent of people are ready to receive salaries in cryptocurrencies with only 4 percent prepared to.
At least a few companies are trying to increase adoption of cryptocurrencies this way, but a number of challenges stand in their way. For instance, volatility is a major concern for anyone opting to receive payments in cryptocurrencies. But it appears many realize the problem when the Bitcoin and crypto prices are low. If crypto prices are likely to increase, few would resist the temptation to make the profits.
An example of companies facilitating payment of salaries in cryptocurrencies includes Rise People client. However, whose clients can process their employees’ payments through their system.
Since cryptocurrency is accepted in Japan as a legal tender, GMO’s is an ideal launch in the country. The company, which has 4170 employees, first made the announcement in December last year.
Their ICO is ongoing and targets to sell 25 million tokens (MDX) and have already sold over 18 million or about $20.5 million for the price of 0.00296 ETH per token.
Other companies could also follow suit if GMO is successful in this regard.