Remote working startup Deel adds USDC and Solana withdrawals

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Deel, the fintech firm focused on payroll, has expanded its crypto capabilities with the addition of two new tokens, according to an announcement.

Contractors who use the Deel platform to get paid can now take their salary in the stablecoin USDC or Solana, the native token of the fast-growing proof-of-stake blockchain. The platform already supported bitcoin, ether and XRP salary payments.

Users will need an account with the crypto exchange Coinbase in order to take advantage of the new functionality.

Deel reckons cryptocurrencies offer contractors a faster way to get paid, with lower processing fees. Coinbase charges a 1.5% ‘provider fee’ for crypto salary withdrawals. Additionally, USDC payments will entail a variable fee of 1%, while Solana payments will cost an extra 1.5%.

Deel’s corporate clients include the likes of Coinbase, BlockFi and Rarible, according to co-founder and CEO Alex Bouaziz.

“By definition, crypto companies are decentralized and they’re hiring all over the world,” he said. “Whatever crypto company you know, they’re probably using Deel.”

Founded in 2019, Deel aims to support companies with workforces that are scattered globally. In addition to payroll tools, the platform also helps firms to hire contractors and full-time staff in over 150 countries through locally incorporated entities that are effectively let out to clients.

Deel raised a whopping $425 million in a Series D fundraise in October.

In its announcement, the startup said that it has seen a 10% month-on-month increase in demand for crypto salary payments among its users.

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May 5, 2022, 3:17PM UTC
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