Amagi Metals to Pay Entire Staff in Bitcoin

Precious metals dealer Amagi Metals has announced a partnership with bitcoin payroll processor Bitwage that will allow Amagi to pay…

Amagi Metals

Precious metals dealer Amagi Metals has announced a partnership with bitcoin payroll processor Bitwage that will allow Amagi to pay the company's entire staff in bitcoin. Employees still have the option to receive a portion of their salaries in fiat, but all employees will receive at least a portion of their salary in bitcoin.

Also read: Amagi Metals to Ditch USD for Bitcoin by 2017

Amagi Metals to Pay Entire Staff in Bitcoin

Amagi says the move to Bitwage was not just about helping their employees have more payroll options. CEO Stephen Macaskill--who will receive $40,000 of his salary in bitcoin--says the company decided to make the move because they view bitcoin as the future of currency and want to stay ahead of the adoption curve.

I see Bitcoin as the future, so I'm going to put my money where my mouth is, and I'm thrilled to have a team that thinks the same way. The integration of Bitwage into our operations is a step to ensure our company’s divorce from the U.S. Dollar in 2017.

Jonathan Chester, Bitwage's Chief Strategic Officer, says Amagi is helping create a "new era" for bitcoin adoption.

The Amagi Metals team is innovative, not just in the goods and services it delivers, but also in the realm of benefits and payroll. Amagi Metals is leading a new era for Bitcoin adoption as one of the first companies to leverage Bitcoin to improve payroll efficiency while cutting operational costs.

Cheaper Than ATMs

Bitwage gives employees the option to select what percentage of their salary they want to receive in bitcoin. They can select anywhere from 0-100%, letting them strike the right balance between cryptocurrency and fiat. This feature is great for employees interested in cryptocurrency, because it lets them receive bitcoin automatically, without having to purchase it using a bitcoin service such as Coinbase. As Amagi Marketing Director Megan Duffield related:

I’d love to have an easy way to accrue Bitcoin without having to pay premiums at a Bitcoin ATM.

Bitwage users will certainly save money versus paying bitcoin ATM fees, but Bitwage will debit a small fee from paychecks to cover bitcoin conversion costs.

Disclosure: The author makes regular purchase from Amagi (using bitcoin of course).

Images from Amagi and Shutterstock.

Last modified (UTC): January 8, 2015 5:42 AM

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Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets and cryptocurrencies. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He holds bitcoin, but does not engage in day trading. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.

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