The ongoing market downturn has not discouraged professionals from taking payment in cryptoassets, as indicated by the latest report released by global payroll specialist Deel.
In the first half of 2022, crypto payments represented 5% of wages collected by cross-border professionals, up from 2% in the preceding six-month period.
“Crypto withdrawals hold steady the last six months,” the platform said.
The report states that crypto payments are particularly popular in regions with significant currency volatility, with Latin America leading the way, at 67% of the global withdrawn crypto payments between January and June 2022.
Europe, the Middle East, and Africa were ranked second, with a 24% stake, followed by North America, at 7%, and the Asia-Pacific region, with a share of 2%, according to Deel.
Professionals collect their wages in a wide range of coins, but bitcoin (BTC) dominated the crypto payments segment, with a stake of 47% in the first six months of this year, as shown by figures from the report.
The number one crypto was followed by USD Coin (USDC), at 29%, and ethereum (ETH), with 14%. Global professionals are also collecting their payments in solana (SOL), which held an 8% stake, and dash (DASH) at 2%.
Deel said that it used data from more than 100,000 cross-border contracts across 150 countries and over 500,000 salary data points from Deel and third-party sources for its research. Trends are tracked over six months, from January-June 2022, and the countries represented all have more than 20 employer-worker contracts on file at the time of the report’s release, they added.
Deel says it provides the necessary tools to compliantly hire, pay and manage contractors and employees in about 150 countries across the world, and that the company’s services are used by more than 8,000 customers globally. Some of the platform’s clients include Airtable, Andela, Dropbox, Shopify, and Spendesk, among others, according to data from Deel.
Contractors can withdraw a percentage or the entirety of their paychecks in bitcoin, ethereum, solana, dash, and USDC, said Deel.