The instability of some economies has increased the attractiveness of cross-border hiring for large companies willing to pay foreign employees with cryptocurrencies.
Global employment platform Deel published its Global Hiring Report, which indicates that crypto payments to pay employees’ wages account for 5% of all global payments in this area in 2022.
Notably, the same figure was only 2% in the second half of 2021, indicating an increase in the adoption of cryptocurrencies as a payroll tool.
According to the report, the unstable economic situation in some countries makes cross-border hiring an attractive tool for providing companies with qualified employees. Latin America (LATAM) is leading the way, with 161% growth in the number of organizations hiring abroad this year. Asia-Pacific (APAC) saw a 159% rise in hiring abroad.
Deel is a platform for international hiring, holding data on 100,000 employment contracts and some 11,000 employees in more than 150 countries.
Some current trends may increase the percentage of wages paid in crypto. For example, Dubai recently initiated the Dubai Metaverse Strategy, which plans to create more than 40,000 virtual jobs by 2030. There is a high probability that virtual employees will also be paid in digital assets.
