How to Pay iGaming Employees in Crypto

At Rise, we understand that knowing how to pay iGaming employees in crypto effectively is becoming an increasingly important consideration for global firms.

iGaming companies, which often operate on a global scale, face unique challenges when it comes to paying employees and contractors across different countries.

As an industry that is directly connected to the crypto world, it is only natural that iGaming team members have the option to get paid in both crypto and local currencies.

This is where Rise comes in.

Our hybrid payroll solutions provide the flexibility of paying in both fiat and crypto, ensuring all employees and contractors can receive their compensation in the currency of their choice.

Why Pay iGaming Employees in Crypto?

The iGaming industry is inherently international, with companies employing talent from all over the world.

And with Rise, paying iGaming employees in crypto offers a range of benefits:

• Global Accessibility: Cryptocurrencies are accessible globally, meaning payments can be made directly without needing a traditional banking infrastructure, which is particularly useful for employees in regions with limited banking options.
• Speed: Crypto transactions are generally faster than traditional bank transfers, which can take days, especially for cross-border payments. Payments in crypto can be settled in minutes, enhancing efficiency.
• Reduced Fees: Traditional banking fees, especially for international transfers, can be high. Crypto payments significantly reduce these costs, benefiting both the employer and the employee.
• Flexibility: Employees can choose to receive payments in a cryptocurrency of their choice, allowing them greater control over their finances, whether they wish to save, invest, or convert to local fiat currency.

Given these advantages, cryptocurrencies are an ideal option for the international nature of iGaming, where payments need to be fast, flexible, and efficient.

Challenges of Crypto Payroll in iGaming (+ How to Solve Them)

Despite the benefits, we know that there are challenges associated with crypto payroll in the iGaming industry:

• Volatility: Cryptocurrencies are known for their price volatility, which can make employees hesitant to accept payments in crypto due to the potential value fluctuations.
• Compliance: Crypto payroll must comply with varying regulations across different jurisdictions, which can be complex for companies to navigate.
• Employee Preferences: Not all employees may be comfortable or familiar with receiving payments in cryptocurrencies.

Rise, however, addresses these challenges with our crypto payroll and stablecoin payroll solutions.

By offering stablecoin payments, we ensure that employees can enjoy the benefits of crypto without the fear of value fluctuations.

Our platform also handles all compliance requirements, including regulatory checks and tax obligations, making it simpler for iGaming companies to meet international standards.

This allows employees to receive their compensation in a stable, reliable form of cryptocurrency while ensuring that employers remain fully compliant with local and international regulations.

Rise: The Perfect Solution for Crypto Payroll

At Rise, we know that managing payroll for a global iGaming workforce can be complex, especially when you're dealing with multiple currencies and payment preferences.

That's why we've developed a suite of solutions that make paying your employees in crypto straightforward, secure, and efficient.

Our platform offers the perfect combination of flexibility, compliance, convenience, and quick onboarding, designed specifically for the unique needs of the iGaming industry.

Hybrid Payroll Solutions:

As mentioned earlier, our truly unique hybrid payroll system allows iGaming companies to pay employees in both fiat and crypto.

• 90+ cryptocurrencies
• 100+ local currencies

Whether some of your employees prefer the stability of traditional currencies or others are enthusiastic about crypto, our platform accommodates everyone.

This flexibility makes it easy to provide a personalized payroll experience, helping boost employee satisfaction and retention.

Crypto to Fiat Conversion:

Some employees may want the advantages of crypto but prefer to convert their earnings to fiat immediately. With Rise, that’s not a problem.

We offer a seamless crypto-to-fiat conversion feature that allows employees to instantly turn their crypto into their local currency.

This option provides financial flexibility and ensures that employees are never forced to deal with the volatility of the crypto market unless they choose to.

Compliance and Regulatory Support:

We manage all necessary regulatory requirements, from identity verification and tax form generation to adhering to cross-border payment regulations.

Our compliance tools take the guesswork out of international payments, ensuring that your iGaming company stays on the right side of the law, no matter where your employees are based.

Additionally, our quick and automated onboarding process helps you get new employees set up fast, making sure they can start receiving payments without unnecessary delays.

This allows you to focus on growing your business rather than worrying about the fine print.

Secure On-Chain Identity with Rise ID:

With a Rise ID, we provide secure, on-chain professional identities for your employees.

This blockchain-based identity verification makes payroll processes more transparent, secure, and trustworthy, which is especially valuable for remote teams in the iGaming sector.

By using Rise ID, both employers and employees can have peace of mind knowing that transactions are safe and identities are verified through a decentralized, tamper-proof system.

Scalable Mass Payouts:

Rise’s scalable mass payout feature allows you to handle payroll for teams of any size, distributed across the globe.

With just one click, you can send payments to everyone on your team, ensuring no one is left waiting for their earnings.

Our system is designed for efficiency, enabling you to handle large-scale payments quickly and easily, whether you're paying in crypto, stablecoins, or fiat.

This feature is a game-changer for large teams spread across multiple regions, reducing administrative overhead and ensuring on-time payments.

Employee Benefits with Rise

Rise not only simplifies payroll for employers but also offers significant benefits for employees:

• Flexible Payment Options: We support over 100 cryptocurrencies, allowing employees to receive payments in the currency they prefer. This flexibility ensures that employees are comfortable with how they are paid, whether they want crypto for investment purposes or prefer the stability of fiat.
• Security and Trust: Our platform uses on-chain professional identities (Rise ID) to enhance security. This feature is especially important for the iGaming industry, where teams are often remote and based around the world. With blockchain-based identities, employees can trust the legitimacy of the payroll process.
• Health and Travel Insurance: Rise has partnered with international insurance providers like SafetyWing to offer health and travel insurance for employees and contractors. This added benefit helps iGaming companies support the well-being of their workforce, wherever they are located.

How to Start Paying iGaming Employees in Crypto with Rise

Getting started with Rise is straightforward, fast, and simple.

Here’s a step-by-step guide:

Step 1: Establish a Business Account

Head over to Riseworks.io and register for a business account by entering essential company details, such as your business name, address, and contact information.

Once registered, you'll need to complete a verification process to ensure the security and compliance of your account, which might require submitting additional documents or business information.

Step 2: Invite and Onboard Your Contractors Compliantly

The next step is to invite your contractors to join the Rise platform by sending them an email invitation.

Your contractors will then be onboarded swiftly and compliantly, undergoing KYC checks and identity verification.

They will receive a unique Rise ID, a digital wallet address, and the ability to set up their preferred payment methods for withdrawals.

Step 3: Fund Your Payroll

Rise provides employers with the unique option to fund payroll in either US dollars or USDC stablecoin, allowing global employers to bypass traditional banking limitations.

If you opt to fund in USDC, you can utilize any of our integration partners, including Arbitrum, Coinbase, Uniswap, Ethereum, Metamask, Avalanche, Gnosis Safe, Optimism, Polygon, MEW, and Torus.

Once the funds are available, you can easily allocate them to your payroll needs within the Rise platform, setting up automated payments in either fiat or cryptocurrency according to your payroll setup.

Step 4: Establish Payment Schedules

Within the Rise platform, you can set up payment schedules that align with your business operations, whether that’s weekly, bi-weekly, monthly, or custom intervals.

This flexibility allows you to synchronize payroll disbursements with your company's cash flow and contractor expectations.

Additionally, Rise offers the ability to automate these payments, ensuring your contractors receive their earnings on time, every time, without manual intervention, thereby reducing administrative workload and enhancing payment accuracy.

Step 5: Contractors Withdraw in Their Preferred Currency (Fiat or Crypto)

Contractors have the option to withdraw their earnings in their preferred currency, whether it's fiat or a variety of cryptocurrencies, directly from their Rise digital wallet.

This feature supports the diverse needs of a global workforce, enabling seamless conversion and transfer of funds to their personal accounts without intermediaries.

And that’s all there is to it.

Conclusion

As we can see, paying iGaming employees in crypto offers many benefits, including speed, flexibility, and reduced transaction costs.

Rise provides a comprehensive solution for iGaming companies, allowing them to easily manage crypto and fiat payroll, streamline compliance, and improve employee satisfaction.

To learn more about how Rise can help your iGaming business, visit RiseWorks.io and book a demo today.

FAQ Section

How does crypto to fiat conversion work on Rise?

We offer seamless crypto to fiat conversion. Employees can opt to receive their payments in cryptocurrency and convert them to fiat directly through our platform, ensuring they receive the value they need in their preferred currency.

What are the compliance steps for paying in crypto?

Rise manages all compliance requirements, including tax form generation, identity verification, and adherence to cross-border payment regulations, making crypto payroll simple and compliant for employers.

Can I pay my employees in crypto?

Yes, you can pay your employees in crypto using Rise, which facilitates compliant and efficient cryptocurrency payroll solutions.

Are companies allowed to pay in crypto?

Companies are allowed to pay in crypto through Rise, ensuring adherence to legal and tax requirements in their jurisdiction.

Can I get my paycheck in crypto?

You can receive your paycheck in crypto with Rise, provided your employer offers this option and it complies with applicable laws.

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