Gilded, which automates crypto payments and accounting, has rolled out a technology called Mass Pay that lets companies pay as many as 500 staffers at a single time in Ethereum-based digital currencies like stablecoins, according to a Tuesday (April 20) announcement.
Gilded CEO Gil Hildebrand said in the announcement that the demand for salaries provided through digital currency is quickly growing in an environment that has a more and more tech-savvy labor force “that’s embracing the maturing crypto ecosystem.”
“[U]ntil now, all crypto payroll solutions were custodial, eliminating many of the benefits of using blockchain technology for payments. Mass Pay is a non-custodial, comprehensive solution with built-in accounting that enables any business to become a blockchain business,” Hildebrand said in the announcement.
In one case, TrustSwap, which the announcement describes as a “full-service digital asset ecosystem,” is harnessing the Mass Pay functionality from Gilded to provide payments to their staffers via their native SWAP digital currency.
TrustSwap CFO Taylor Zork said that the offering is significantly faster and less costly than sending each payment one by one.
“We’re proud to be using the first true DeFi payroll solution,” Zork said in the announcement.
Gilded says it is presently the sole offering on the market to let companies pay staffers and contractors with digital currency, take payment in digital currency, account for digital currency payments “with zero headaches” and support different custodial and non-custodial wallet options.
In 2020, the company launched a collection of tools for Coinbase users to send invoices and take payments through bitcoin, the USDC Stablecoin or Ethereum. The change occurred as a response to heightened demand.
“The benefits of digital currency are clear, but the experience hasn’t always been accessible or user-friendly — especially for businesses,” Hildebrand said in a press release at the time. “Gilded changes that. Today, Coinbase’s 30 million users have gained access to essential tools for business.”