London-based FinTech Mode is teaming with U.K. payroll service PayEscape to launch a trial of the first bitcoin payroll offering in the U.K., according to a Thursday (Nov. 11) press release.
The internal pilot program will run during the rest of this year and the beginning of 2022, according to the announcement.
Bitcoin Payroll streamlines the process of buying an investment by automatically converting a portion of employees’ paychecks into bitcoin. Users can opt to have a monthly deduction of net wages converted into bitcoin, which is then deposited into a user’s Mode Bitcoin wallet, per the release.
“Bitcoin Payroll is another step towards breaking down the barriers to mainstream Bitcoin adoption,” Mode CEO Ryan Moore said. “By automating the process of converting monthly pay deductions into Bitcoin, Mode aims to make it easy, convenient and accessible for people in the U.K. to gain exposure to the asset class.”
Thursday’s announcement comes on the heels of a major milestone in the cryptocurrency realm, when the digital asset surpassed $3 trillion in value, according to PYMNTS.
Bitcoin, a driving force in the market value of crypto, has a market cap which surpassed $1 trillion and hit a record high price in October.
Read more: Cryptocurrency Hits $3T in Value, a New Milestone
The bitcoin payroll offering will likely increase use of the crypto asset in the U.K., and other countries are seeing widespread crypto adoption. PYMNTS recently reported that Africa’s crypto market was recently ranked as the third fastest-growing in the world.
From July 2020 through the middle of 2021, Africa received more than $105.6 billion. Additionally, Nigeria, South Africa and Kenya are all among Chainalysis’ Top 20 Global Crypto Adoption Index.
Meanwhile, a new cryptocurrency tax reporting regulation could become law in the U.S. once President Joe Biden signs the measure, which would require that businesses report crypto transactions that exceed $10,000 to the IRS, according to PYMNTS.
Read more: Contentious Bitcoin Tax Reporting Plan Awaits Biden’s Signature
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