The percentage of payments to cross-border workers in cryptocurrency has more than doubled in the first half of the year compared to the previous period, according to a report by Deel, which helps companies hire remote workers.
Crypto withdrawals represented about 5% of all monthly payments on Deel’s platform since January, compared to 2% in the months between July and December, according to Deel’s State of Global Hiring Report for the first half of 2022. The company surveyed more than 100,000 cross-border contracts across 150 countries.
Crypto payments are popular in places with high currency volatility like Argentina. Latin America leads all other regions in such payments, representing 67% of all withdrawals, followed by EMEA with 24%.
Of those payments, about 47% are taking compensation in bitcoin, followed by 29% in USDC.