Latin American remote workers prefer their Salary paid in Crypto USD web3
Updated: 3 days ago
Over the last two years, we have seen an increase in the demands from workers of the gig economy to receive their salary wages in cryptocurrency.
For Latam remote workers cryptocurrencies have proven to be a magnificent tool to work around the uncertainty of Latin American economies like Brazil, Argentina and Venezuela.
In Argentina, it’s common to pay workers in crypto to circumvent exchange controls and to protect them from high inflation. This means that even in a bullish market or crypto winter, remote workers in Latam still want to get paid in cryptocurrencies and this demand will keep increasing around the world.
This increase in the demand of getting the salaries paid in crypto comes from Latin America where the advantages of receiving cryptocurrency payments compared to regular FIA currency payment methods are clearly a game changer for countries like Argentina that have an inflation rate of 7% monthly and in 2021 reported that almost USD 2 billion were transacted outside the regular financial system by the so-called freelance, gig or remote workers economy. This game-changer opportunity comes from the fact that FIA currency is susceptible to inflation and to everyday more restricted Latam government regulations, on the contrary to crypto payments and especially when we talk of fully decentralised crypto payments through Web3 features and Dapps. Where payments are peer2peer, legitimised and registered by the blockchain, and at a speed so fast that even allows streaming payment with no third parties interventions, something highly wanted from workers due to the high % of fee commissions from financial entities, government regulators and other third parties services on salary transactions.
So how companies have responded to this trend to fulfil workers' demands?
This is not an easy task for the Finance or Hr team of a company and will cost money and time. So most of them started to use global talent management solutions to recruit, manage and pay workers around the world in general, and crypto payments are a must for these solutions.
Only a few of all the global talent management solutions took action on this issue even when one unicorn of the market reported that 67% of their Latam payments to remote workers are made in cryptocurrencies and 5% of their total global payments in cryptocurrencies. This tells about the relevance of the niche and the lack of attention to the matter. Even though these global talent management solutions have added a crypto payment option to their platforms combined with the high percentage of Latam workers using these services, none of them has focused their features on crypto integrations and taken a deep looking into the needs of Latam workers as the Scotland Startup Award Finalist Bull Project did. Based on what they understood about where the future of work is going, this current trend will be in the next few years emerging in other markets with even more adoption locally focused on decentralisation.
Bull Project was created by a specialised team of experts in new technologies and the Latin American job markets. Focused on how to maximize remote workers' profit of their salaries through the management and payment of salaries in cryptocurrencies.
So what is the difference between Bull Project and other global talent solutions in the market?
Bull Project specialise in the Latam market so created their product focused on that.
By focusing on the Latam remote workers' needs they realised that the best option for the remote workers to get their salary payments almost instantly and at an almost $0 cost was through decentralised transactions on the blockchain between workers' hot wallets connected to Bull Project Application through Web3 features. A method 100% decentralised and transparent, that no other global talent management solution is using, feature needed to circumvent exchange rates and to maximise salary wages of Latam workers.
While other global talent management solutions focus on worldwide markets without understanding the why’s on Latam workers' needs for cryptocurrencies and without focusing on these issues. They just create API synchronizations with third parties to send or withdraw funds to a centralised cryptocurrencies exchange (at a cost), where workers don't possess real ownership of the funds and this cryptocurrencies exchanges are not the preferred and most used in Latam or are not even able to connect to p2p markets and to local bank accounts. This brings workers an extra cost when trying to withdraw or convert their funds to Latam local currency at a good exchange rate, which is not ideal.
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