Freelancers and workers in Chile can opt to get their salaries in Bitcoin (BTC), Ethereum (ETH) or Bitcoin Cash (BCH) through a startup that allows companies to pay their employees in cryptocurrency.
Bitwage services customers across South America and has been paying out cryptocurrencies and local currencies in Argentina, Brazil and Mexico for many years. It added the Chilean peso to its platform on Monday.
We just launched Chilean Peso payouts in partnership with @SatoshiTango! Chilean freelancers and workers are now able to receive money directly into their bank accounts faster and cheaper ??? #Chile #Freelancers https://t.co/AQwRPAZ9NA
— Bitwage (@Bitwage) December 16, 2019
According to the announcement, Bitwage has partnered with online crypto purchasing platform Satoshi Tango to make peso payouts to Chilean residents who are freelancing and exporting services to the US, the EU or UK. Bitwage’s mission is to allow people to get paid faster and cheaper with direct deposit into their bank accounts, facilitating paychecks “with lower fees than a typical bank transfer.”
The process is intended to reduce settlements times from 5-14 days to same-day transactions, eliminating $25-45 service fees.
“When funds hit those accounts, they are converted into Bitcoin and sent to Satoshi Tango to be converted into Chilean Peso. From there, the funds are deposited directly into a Chilean bank account.”
The company says it monitors the landscape to remain competitive.
“Bitwage constantly analyzes all the mechanisms to distribute wages across borders, comparing traditional systems such as bank wires with new international g
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