back Back

Deel introduces Deel Crypto; paycheck in cryptocurrency of choice

By Pavithra R

November 13, 2020

  • Deel
  • USA
Share

 

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.

Previous Article

November 13, 2020

Recognise receives restricted license from PRA/FCA

Read More
Next Article

November 13, 2020

XanPool launches XanPay, a payment routing technology product

Read More






IBSi Daily News Analysis

June 21, 2024

Deel

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 21, 2024

MECCA & Adyen to offer a seamless payments experience in Australia

Read More

June 21, 2024

Vipps, MobilePay launch cross-border P2P payments in the Nordics

Read More

June 21, 2024

FinTech Focus: Catch latest developments of the week

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023