Paying in cryptocurrency might sound like a bad idea, but this could be a really useful feature for international contractors. Distantthe company that lets you hire people and manage contractors around the world is introducing crypto payments on Tuesday.
US-based companies can start paying their contractors with stablecoins in 69 countries. For this feature, Remote partners with Stripe.
The company currently only supports USDC, a widely used cryptocurrency stablecoin that it manages Cycle. One USDC is worth one USD at any time, meaning that companies and contractors are never exposed to the volatility risks that arise from cryptocurrencies.
As a contractor, paying in USDC means payments are fast and can’t get stuck in the international transfer loophole. Crypto payments are sent to Base, the Layer-2 blockchain from Coinbase.
And of course, it means that contractors are paid in cryptocurrency in USD. If you live in a country suffering from currency devaluation, being able to hold USDC can increase your purchasing power.
When you need to buy something at your local store, you can exchange some USDC to your local currency, send the money to your bank account, and keep the rest in your crypto wallet. Some people may even start using a debit card issued by a crypto exchange to spend USDC seamlessly.
When contractors are invited to Remote to create an account, they can decide how they want to be paid: in local currency to a bank account or in USDC. If they choose USDC, they can enter their wallet address and start uploading invoices. When companies approve invoices in the Remote dashboard, Remote creates a payment request for all their contractors and automatically transfers funds using the correct payment method.
In the future, Remote plans to enable the feature for customers based in other countries and add support for more cryptocurrencies, including Bitcoin and Ethereum, for crypto maximalists.
