Deel introduces Deel Crypto; paycheck in cryptocurrency of choice
By Pavithra R
Deel missioned to create a world where talents are not limited to a location, has announced the launch of Deel Crypto, that allows users to withdraw paycheck in the cryptocurrency of their choice.
The new solution allows Deel users near-instant withdrawals along with the security and efficiency of blockchain technology. The firm, in partnership with Coinbase, has eliminated transfer fees and made it seamless to access paycheck regardless of their location. Users need to have a Coinbase account to enjoy the service.
“We take our mission of building a platform that seamlessly supports contracts and payroll for international teams seriously. We’ve heard from our users that their usage of digital currencies is growing, due to digital currencies’ processing speed, and its ability to eliminate documentation requirements and hidden transaction fees. In addition, crypto’s tamper-proof online ledger, blockchain, ensure payments are always secure. With Deel Crypto, we have removed a major pain point of international payments,” noted Deel in the company blog.
Traditionally, SWIFT network commonly referred to as wire transfers are leveraged for transferring money, especially into different currencies and for cross border transactions. These transactions, however, are costly, volatile and time-consuming. Deel Crypto eliminates these costly fees. Some benefits of Deel Crypto include:
- Speed: receive paychecks almost in realtime, directly into the user’s Coinbase account
- Cost: eliminate costly SWIFT wire fees
- Efficiency: removes requests from SWIFT for compliance documentation
- Security: Coinbase ensure money is safe and compliant with local rules
Founded in 2018 by Alex Bouaziz & Shuo Wang, Deel is missioned to create a world where talents are not limited to a location. Deel can complete payroll in more than 100 currencies and has partnered with more than 200 labor law & accounting experts to create and deliver a library of localized contract templates that can be used to legally onboard international employees.
IBSi Daily News Analysis
September 28, 2023
What CBDCs mean for private sector banks and financial inclusionRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage