According to a recent report by Deel, a global payroll solution provider based out of San Francisco, there is a rise in the number of global hires wanting to be paid in crypto. The State of Global Hiring Report surveyed over 1,00,000 contracts across over 150 countries.
The report indicates that crypto payments comprise 5% of the global payment cycle. And despite the bear market, crypto withdrawals, in the form of payments, have remained steady (at 5%) for six months. As of now, the figure is synonymous with the payments released by Deel’s platform. What’s especially heartening is that only 2% of all payments withdrawn were in crypto for the better part of 2021 (that is, June–December).
Keeping history in mind, affinity towards crypto payments has increased by almost 150%.
What are the demographic trends?
The report suggests that crypto payments are more popular among Latin American (LATAM) hires. LATAM-specific crypto acceptance is at 67%, followed by the Europe–Middle East–Africa region, where crypto adoption stands at 24%.
Country-wise, Argentina leads crypto adoption. Argentina’s example represents the faith global hires—especially in regions with high fiat volatility—have in crypto.
Which cryptos are most popular?
According to the report, Bitcoin (BTC) is still the most preferred crypto for payments, with as many as 47% of those surveyed preferring it. Just behind BTC are USDC (at 29%) and Ether (ETH) (at 14%). Despite its frequent network outages, Solana (SOL) continues to enjoy the 4th spot with 8% adoption.
Even though it is a standalone report, the width of the survey might be reassuring enough for crypto supporters. Read the report here.
FAQs
Does Deel support crypto payments?
Yes, Deel supports crypto payments. The platform allows users, particularly employees in the United States, to choose to be paid in cryptocurrency through its partnership. This feature provides an end-to-end crypto payment experience, offering advantages such as reduced transaction and currency fees. Deel’s support for crypto payments aligns with the growing trend of using crypto, especially Bitcoin, for payroll transactions.
What is the most adopted crypto?
Bitcoin (BTC): Widely recognized as the first and most valuable cryptocurrency, Bitcoin continues to be a leading choice for investors and users alike.
Ethereum (ETH): Known for its smart contract functionality, Ethereum is a key player in the crypto space and is often considered one of the top cryptocurrencies to invest in.
Which country ranks first in crypto adoption?
India ranks first in crypto adoption, according to the 2023 Global Crypto Adoption Index by Chainalysis. Despite facing regulatory challenges, India secured the top spot in grassroots crypto adoption among 154 nations. The index considered factors such as on-chain cryptocurrency value received, on-chain retail value, number of on-chain deposits, and peer-to-peer exchange trade volume to determine adoption levels. Other countries like Nigeria, Vietnam, the United States, and Ukraine also secured high rankings on the index.
What are the 3 most popular crypto?
Bitcoin (BTC): Widely recognized as the first and most valuable cryptocurrency.
Ethereum (ETH): Known for its smart contract functionality and decentralized applications.
