Payroll Management Startup Papaya Global to Offer Cryptocurrency Payment Option
The Tel Aviv startup develops a workforce management software. It will now offer employers the option to pay up to 30% of salaries in cryptocurrency
Workforce and payroll management startup Papaya Global said it would support virtual currencies, such as bitcoin and Ethereum, as a payment method for employees worldwide. The company made the announcement Tuesday, saying its customers would be able to pay up to 30% of their employees’ net salaries in cryptocurrencies.
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Founded in 2016 and headquartered in Tel Aviv, Papaya Global offers a system that automates payroll processing, labor law compliance, and other aspects handled by human resources departments. Papaya Global’s clients include Johnson & Johnson, Facebook, and General Electric.
Eynat Guez, Co-Founder and CEO of Papaya Global. Photo: Menachem Oz
“The reason for 30% limit is to protect the companies and the employees—since the virtual currency is still considered relatively risky,” Papaya Global co-founder and CEO Eynat Guez said in an interview.
Employees aren’t required to take payment in virtual currency, but Ms. Guez said the offer would be welcome by many.
“There is no doubt that the option will be attractive to prospective employees,” she said. “Purchasing bitcoin on your own is a headache because of the regulations and fees. If the employers purchase them for you, it certainly simplifies things.”