They tout themselves as the “Simple, fast and friendly way to pay your employees”, and their service just got even better. Wagepoint, a Canadian payroll software service, is beginning to make it possible for small and medium-sized US businesses to pay their employees’ paychecks in bitcoin. This expansion signifies the continuing integration of the bitcoin and fiat economies as bitcoin becomes more and more accessible for everyday use.
Wagepoint has been successful thus far as a high-growth startup, processing 120 million dollars in salaries for various companies to date. As such, CEO Shrad Rao has stated that the service has expanded into bitcoin payments because they believe in giving employees the greatest amount of freedom in how they choose to get paid. Wagepoint offers employers the option to pay out a portion or the whole of their employees’ salaries in bitcoin if they wish, using the Google Ventures-backed exchange Buttercoin.
Rao is already working with 10 Canadian businesses to offer bitcoin payments as an option for salaried employees and is now doing the same in the US, where the payroll service has already attracted interest from multiple businesses. Wagepoint makes the fiat to bitcoin conversion process quick and painless, by debiting the net salary from the company bank account, converting it into bitcoin and depositing it into the employee’s personal bitcoin wallet.
Wagepoint’s successful expansion into bitcoin payments is significant because it is representative of the horizontal growth that the bitcoin economy is currently experiencing. While the price of bitcoin may be falling short of the ambitious targets set out for it, there are other, more accurate ways to examine the success of bitcoin; looking at product accessibility and integration into everyday payments is a fair metric of growth. Wagepoint, and other services that make bitcoin more usable, enable this growth and the continued expansion of the bitcoin economy.