London-based fintech Mode is a next-gen app for your money and Bitcoin. Today, the fintech announced its partnership with PayEscape, one of the fastest-growing payroll providers in the UK. As a result of the partnership, they will pilot the first-ever Bitcoin Payroll product in the UK in conjunction with a supplier.
Bitcoin Payroll pilot project
Bitcoin Payroll is a monthly deduction of the net pay, which is converted into Bitcoin and directly deposited into the Mode Bitcoin wallet of the user. Payroll providers can leverage Mode’s FCA registered platform to distribute a part of an employee’s paycheck in Bitcoin on a monthly basis.
This process of integrating Bitcoin into the payroll process helps payroll providers retain customers as they provide more value and flexibility with each payslip. Also, this process will differentiate PayEscape among others and make it one of the most innovative payroll providers.
With this automated Bitcoin investment with the Bitcoin Payroll process, the barriers associated with the process such as lack of accessibility, lack of knowledge and more will be eradicated. By converting a part of their money pay into Bitcoin automatically, employees will own the best performing asset of the decade in a convenient way.
The initial pilots will be run within Mode and PayEscape during the remainder of 2021 and the beginning of 2022.
Ryan Moore, CEO of Mode, commented: “Bitcoin Payroll is another step towards breaking down the barriers to mainstream Bitcoin adoption. By automating the process of converting monthly pay deductions into Bitcoin, Mode aims to make it easy, convenient and accessible for people in the UK to gain exposure to the asset class. I am delighted to be able to leverage our regulated, trusted environment to deliver these benefits and build on the already strong wealth that is stored within the Mode ecosystem.”
John Borland, Managing Director of PayEscape, commented: “PayEscape have always been comfortable pioneering innovation within the payroll process and with Bitcoin Payroll we can offer our clients this latest payment medium. We wish Mode every success in this pilot project.”