Tokyo-based GMO Internet Group is a leading force in the Internet industry offering one of the most comprehensive ranges of Internet services worldwide.
Today the company has announced its intention to diverge from the conventional system of remunerating employees and implement bitcoin salaries. According to the company, more than 5000 employees of GMO Internet Group will be able to get their wages in Bitcoin as early as in March 2018.
GMO Internet Group provides services of online advertising, as well as internet infrastructure, internet security and mobile entertainment. The company first entered the cryptocurrency space in May 2017 opening an exchange.
In September 2017 GMO Internet decided to spend more than $3 million on bitcoin mining with mining center located in Northern Europe. The company stated then that “cryptocurrencies like bitcoin will evolve into universal currencies that will create a global borderless economic zone”.
The management also explained that through mined cryptocurrencies GMO Internet Group would contribute to an increase in the liquidity of the cryptocurrency market.
In October 2017 GMO Internet Group announced plans for an initial coin offering (ICO) and said that the new token would be used as as part of a payment system for a forthcoming series of products.
Today the company stated:
“GMO Internet Group has decided to introduce a system that allows part of the salary’s payment to be received by Bitcoin in order to promote ownership of the employees’ virtual currency.”
To enable employees to purchase bitcoin within the scheme, the token referred to as “GMO coin” will be used. The employees’ monthly salaries will consist of usual remuneration and a bitcoin portion that will be confined to the lower and upper limits.
These limits will make up 10,000 yen (around $88) and 100,000 yen ($882) correspondingly. What is more, the staff will receive a bonus of 10 percent of the chosen amount as a “incentive,” according to the company.
It should be noted that Bitcoin salary is not a new notion. Moreover, it becomes trendy, as Bitcoin takes the globe of money by actively raising in its value. It is no wonder that Bitcoin’s prospects as the future of online currency are great.
Companies that have already started paying bitcoin salaries include, for instance, the Danish digital service designer and development provider SC5, that implemented this form of remuneration in March 2013. The Irish electronics repair company GSMSolutions has been paying salaries in the cryptocurrency since 2014.
Advantages of bitcoin salaries include easy usage, borderless nature, lower fees, and earning potential. Additionally, using this method companies can attract more technologically-skilled individuals. Increasing adoption of bitcoin salaries and blockchain technology facilitates the creation of new fantastic solutions for the benefit of employers and employees.