“Brexit” or not, interconnected economies are a reality. It is here to stay and technology can certainly increase the potentiality of labor mobility. One of the lynchpins has always been the massive friction that comes with cross-border payments. Bitcoin make a lot of sense as a solution. Enter the new relationship in Mexico between Bitso and Bitwage.
A quick refresher on Bitwage. They were founded in 2013 and recently closed a round late last year. The company to create a service that enabled employers to actuate payments to employees utilizing Bitcoin. Bitwage offers their service in two forms. One is the a formal payroll service and the other id the service is called Bitcoin Payroll for the Individual, or BP(i). The latter service can be used even if the employer does not offer the ability to be remunerated in Bitcoin.
And Bitso is Mexico’s first Bitcoin exchange.
In a world where earning an income is becoming less geographically relevant, this was a match waiting to happen. As both companies have expressed, the goal is to free the free lancer with expedited, low friction payment settlement.
A recent post on Bitso’s website states, “If you live in Mexico and receive your payroll wages from the United States and Europe, this service is for you.” Bitso CEO Pablo Gonzalez further echoed this statement,
It [Bitso] opens up the doors for freelancers in Mexico to seek international opportunities using the most efficient payment rail with the lowest transfer fees
Not doubt that classic economics makes a pretty compelling argument [PDF] for labor mobility and it is clear that the workforce has responded. Remote employees, satellite work spaces, distributed management, work 2.0 is here. And, of course, the most important aspect is the wage. Markets like Mexico will prove to be fertile testing grounds as these innovative products and processes continue to free the workforce.
Featured image from Shutterstock.
Last modified: July 2, 2020 8:21 PM UTC