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Crypto Enthusiasts Disappointed By Lack of Employers Willing to Pay in Bitcoin

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SYDNEY, 12 September 2018. – The majority of employees would be willing to receive part or all of their wages in bitcoin or other cryptocurrencies, according to ChronoBank’s survey. However, businesses typically lag in their attitudes – despite the fact that the poll highlights the advantages such a move would offer both employers and their workers.

In July 2018, HR blockchain startup ChronoBank surveyed 445 cryptocurrency enthusiasts from all over the world including the US, Australia, and Russia to learn more about this emerging financial landscape. Results of the survey revealed that 92 percent of the respondents were male, and 40 percent were aged between 25 and 34 and 75 percent are currently employed.

Survey Findings

  • 66 percent of respondents are willing to receive wages in cryptocurrencies;

  • Only 30 percent believe that companies in their country will change to paying salaries in digital assets;

  • 83 percent are willing to receive their bonus payments in cryptocurrencies;

  • Only 52 percent are ready to pay taxes on their digital revenues;

  • 57 percent of respondents are confident that payments in crypto will positively affect the economic growth of countries.

Payments in crypto

Despite the active development of the cryptocurrency and blockchain economy in 2016-18, employers are not taking advantage of these new technologies. 72 percent of respondents stated that employers never offered them to switch salary to payments in cryptocurrencies. However, 66 percent of those surveyed expected that their employers should embrace technological change and that they would be willing to receive wages in cryptocurrencies. However, an incredible 83 percent of respondents were more than happy to receive their bonus payments in cryptocurrencies.

Sergei Sergienko, CEO of Chronobank, said: “Most revealing was that 72 percent of those surveyed said they would prefer an employer who has the salary payment option in the cryptocurrency when choosing their next place of employment. These results suggest that employers need to get up to speed with crypto sooner rather than later.”

Access to quick and convenient money transfers appear to be the main advantages in paying salaries in cryptocurrencies. But this answer changed depending on the nationality of users. For example, 37.5 percent respondents in Australia think that the most significant benefit of getting paid in crypto is tax avoidance. However, the majority of respondents still believe in the growth of the value of digital assets in the future.

50 percent believe that receiving a salary in cryptocurrency would help them spend less and only 19 percent would use it to make transactions. Why? Because if they left their crypto in their wallets, there is still an expectation that the value would increase. For younger people in the 18-24 bracket, the number of holders is even higher at 60 percent.

Users are aware of the potential risks that surround cryptocurrencies, but almost half of the respondents (49 percent) are much more concerned about the price volatility of digital assets. Younger people in particular (18-24) are more concerned about being the victim of an attack by a hacker (34 percent) than price volatility (44 percent).

Conversion of cryptocurrency into fiat at receiving salary would only be carried out by every fifth respondent. At the same time, only half of those polled are ready to pay taxes on their digital revenues, and about 25 percent have not yet decided. Although 65 percent of those surveyed in the US was prepared to pay taxes, in other countries such as Russia, only 30 percent are ready. But it’s important to highlight that overall, 62.5 percent of younger people are much more willing to pay taxes on crypto globally.

Future Perspectives

Bitcoin LogoSergei Sergienko said: “Even though there are ongoing changes in the legislation of different countries in the field of cryptocurrency, audiences are still not adequately informed about the innovations. Almost half of the respondents do not have enough information on whether salary payments in cryptocurrencies in their countries are allowed.”

Only 33 percent stated that they know that the relevant transactions are permitted in their country. In the USA – 43,5 percent know it’s allowed. Meanwhile, in Russia, the most common answer that it is not allowed (48 percent) and Russians understand about that.  

Despite the readiness of the respondents to receive funds in the cryptocurrency, most of them doubt that the companies will switch to salary payments in the cryptocurrency. Only 30 percent of respondents believe that companies in their country will change to paying salaries in digital assets. Surprisingly, in the USA it’s even lower, but in Australia, people are more optimistic.  

With respect to the regions that will lead to the payment of salaries in cryptocurrencies, Japan (32 percent) is leading the way. The US (15 percent) and South Korea (15 percent) are next in line, but US respondents believe more in South Korea (25 percent) than in Japan (only 13 percent). In Russia, 47 percent believe that Japan is the complete leader in the industry.

57 percent of respondents are confident that such initiatives will positively affect the economic growth of countries. By contrast, US respondents (47 percent) are a bit more skeptical than average.

In the field of HR, the majority of respondents are confident that the blockchain will be used as a secure system for payments. About 23 percent also believe that the blockchain will not be limited to this sphere and will allow employers to verify the data of employees using this technology.

*Readers should do their own due diligence before taking any actions related to the company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this press release.*

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Mint Exchange is Live Now for Institutional Trading of Cryptocurrencies

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Images by Mint Exchange

PALO ALTO, California (November 14, 2018) – Today, Mint Exchange, launched publicly as the world’s first cryptocurrency clearinghouse, providing access to all major exchanges, brokers and market makers through a single account.  Mint Exchange allows institutions to trade across all major cryptocurrency exchanges providing access to the most liquidity at the best price all while keeping capital in a secure institutional environment.  Many of the top global FX brokers are already trading cryptocurrencies on Mint Exchange.  With this public launch, Mint Exchange welcomes the participation of all qualified institutions.

Mint Exchange“We’re addressing an enormous unmet need in the growing cryptocurrency market,” said Harpal Sandhu, Chairman of Mint Exchange. “FX brokers, asset managers, and institutions have largely remained on the sidelines of the cryptocurrency market waiting for a trusted partner to deliver a robust, professional-grade exchange.  They expect to manage their crypto trading in one secure location.  That’s what Mint Exchange offers.”

Mint Exchange is built on the award-winning Integral FX platform that processes over $40 billion/day in fiat currency trading. Using this innovative, proven technology Mint Exchange improves the overall efficiency and adds stability to the cryptocurrency ecosystem opening cryptocurrency trading to global brokers and financial institutions.

“As a provider of institutional grade market making and execution services, we needed an institutional grade technology partner,” said Todd Morakis, Co-Founder and Partner of JST Systems in Singapore. “Working with Mint Exchange, we are now able to offer the liquidity, stability and security necessary to provide the level of service our customers expect.  As more institutional players enter the crypto-asset market, liquidity providers need sophisticated technology and risk management tools to service their needs.  Mint Exchange was the first to deliver a complete solution that also includes robust security and custody.  We’re proud to be one of the launch partners and we look forward to scaling our business together.”

Mint Exchange is available now for brokers and institutions. For additional information, visit  https://www.mintexchange.io

Disclaimer: Readers should do their own due diligence before taking any actions related to the company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this press release.

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HashCash is Set to Enter the Kenyan Private Sector with Blockchain Solutions

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SAN FRANCISCONov. 12, 2018 /PRNewswire-PRWeb/ — Silicon Valley-based software development company, HashCash Consultants, is in talks with a new crop of entrepreneurs in Kenya for collaborations on tech-heavy projects. The operations are expected to hit the floor in the first quarter of 2019.

The objective of the project is to strengthen the infrastructure of the agricultural sector with optimized logistics. According to its contribution to the East African country’s GDP, this sector is the backbone of the Kenyan economy. It accounts for 25% of the Gross Domestic Product (GDP), 65% of total exports, and more than 18% of formal employment. However, this sector has its share of challenges, and the primary cause behind dwindling food reserves has been identified to be post-harvest wastage. The loss is close to a daunting 50% of the produce.

The implementation of blockchain will provide a decentralized distributed ledger to record data that represent the quantity and quality of crops harvested, transported, and sold. The difference in statistics updated at every stage of the supply chain will facilitate a more accurate calculation of post-harvest loss and narrow down the problem areas in the infrastructure. This record will be a highly reliable one because the encryption with which the data are protected is near impossible to hack. Therefore, the blockchain ledger will cancel out all possibility of manipulated reports and corruption.

The Kenyan private sector is steadily looking to incorporate technological innovations to provide more efficient products that are easy to implement across industries. Blockchain has emerged as a favorite, largely due to the efforts by the Kenyan government to utilize it for transparency in votes during their recent elections. This has clearly fortified trust in the technology.

Hashcash ConsultantsHashCash Consultants, besides customizing blockchain solutions to meet the specific needs of their clients, also bring an option for better funding for these projects. The process of raising adequate funds to power ideas focused on agriculture is a difficult one, as the industry does not excite traditional venture capitalists. The route of ICOs provided by the blockchain company is a quick and easy alternative to accrue capital for the entrepreneurs without having to divest any part of the ownership rights of their company.

About HashCash Consultants

HashCash Consultants started as a Blockchain Consulting Company in California. Today, HashCash products enable enterprises to move assets and settle payments across borders in real-time using HashCash Blockchain network, HC NET. Financial Institutions use HC NET for Retail Remittances, Corporate Payments, Trade Finance, and Payment Processing. HashCash also runs the US based cryptocurrency exchange, PayBito and the leading Cryptocurrency payment processor, BillBitcoins. HashCash offers cryptocurrency exchange and payment processor white label solutions, comprehensive ICO services and customized use case design and development. HashCash propels advancement in the field of blockchain through the Blockchain1o1 program and its investment arm Satoshi Angels.

Disclaimer: Readers should do their own due diligence before taking any actions related to the company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this press release.

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iHub: The First Tokenised African Tech Accelerator

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Dubai – 8 November – Kenyan innovation hub and tech accelerator iHub announced today at the ALN Africa Investment Conference in Dubai that it is partnering with Raise, a Bahamian and Kenyan technology company that has developed a company ownership platform to manage compliant digital securities in frontier markets. Built using blockchain technology, Raise will work with iHub to digitise all of its company assets – making iHub the first tech accelerator to take such a step in Africa, and this partnership the first publicised instance of a tokenised asset on the continent.

RaiseRaise CEO and co-founder Marvin Coleby also demonstrated the platform at the event, which serves to provide a platform for dialogue on critical commercial and policy topics with the objective of spurring investment into Africa. It draws on speakers from ALN’s network of leading corporate law firms in 16 African jurisdictions as well as key policy and investment organisations like the US Trade and Development Agency, Dubai Chamber of Commerce and Industry and the Brenthurst Foundation.

“iHub is committed to making it easier for our community of start-ups and entrepreneurs to raise the capital they need to grow their business,” says Nekesa Were, iHub, Managing Director. “The Raise platform promises to radically transform how businesses raise money and we hope this will lead the way for more start-ups in our community to follow suit.”

“The iHub has worked with 300+ startups, in various sectors including fintech, agritech, edutech, AI & IoT, health, infrastructure, logistics, and many others,” she adds, “and has supported businesses through grants funding totalling more than USD 300 000. The startups in iHub’s portfolio have raised over USD 40 million in early and growth stage financing, and a further USD 1 million in grants. The number of jobs that have been created has exceeded 40,000 in the last five years. With an average annual revenue of USD 350,000, the iHub startups have an economic impact of more than USD 104 million. We look forward to working with Raise to bring further value to the iHub community.”

Says Coleby: “Raise aims to make it easier to digitally manage and trade corporate assets by providing a compliant way to securitise assets using blockchain technologies. We’re excited to partner with iHub to create their security tokens and look forward to the future of creating more accessible and liquid private markets for investors with the use of blockchain-based digital securities in frontier markets.”

“It makes absolute sense for iHub to take this step,” he adds, “as it has been a major catalyst for regional technology innovation in East Africa, nurturing one of the most vibrant innovation and entrepreneurship ecosystems on the Continent. iHub aims to create an environment of trust and experimentation and in this case it is leading from the front by securitising its assets on blockchain technology.”

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this press release.

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