Bitwage has announced that they are launching their global payroll processing and invoicing services in Brazil after the positive progress the bitcoin payments service made over the last year, according to a recent blog post. In January 2015, Bitwage started processing international wage payments for…
Bitwage has announced that they are launching their global payroll processing and invoicing services in Brazil after the positive progress the bitcoin payments service made over the last year, according to a recent blog post.
In January 2015, Bitwage started processing international wage payments for workers in the Philippines, which has since grown to other countries around the world. Within the past year, the company has transferred $5,000,000 in wage payments with zero loss.
A major benefit of the invoicing system is that, regardless of the country a worker is in, they have the ability to utilize the effectiveness of the bitcoin blockchain without the need for their client or employer to sign up too.
In the blog post, Bitwage said:
Starting today, Brazilian contractors and freelancers can invoice in the United States (USD), Eurozone (Euro), Canada (CAD), Australia (AUD), Switzerland (CHF), or the U.K. (GBP), without requiring their clients to sign up.
The value is then moved by Bitwage through the bitcoin blockchain before it’s delivered to an individual’s bank account.
As with most banking systems, an international wire transfer can take between five to fifteen days, which is the case in Brazil. Not only that but in Brazil the Bitwage blog post states that it can ‘cost at least 320 R$ from a 4,000 R$ payment,’ with payments often getting lost in the process.
As the blog post mentions, though, the blockchain speeds the process up.
By leveraging the blockchain, we have typically seen transfer speeds into local Brazilian bank accounts next day with workers receiving up to 10 percent more money compared to exchange rates on bank wires during our beta in Brazil over the last five months.
Bitwage users can send invoices to freelance marketplaces such as Upwork, Toptal, Freelancer, and Staff in addition to larger companies such as Yahoo and Facebook.
In addition to the Bitwage launch in Brazil, the company is also releasing a referral program.
Each time a Brazilian contractor or freelancer is referred, the referee will receive 0.50 percent of all the wage payments that the Bitwage invoicing system receives for six months. A maximum payout of $1,000 a month per referee will be available.
Featured image from Shutterstock.
Last modified: January 25, 2020 11:50 PM UTC