Mode Global Holdings PLC (LSE:MODE), the LSE-listed Fintech Group, is delighted to announce its partnership with PayEscape, one of the UK’s fastest-growing payroll providers, to pilot the first-ever automated Bitcoin Payroll product in the UK.
Bitcoin Payroll is an automatic monthly deduction of net pay that is converted into Bitcoin and deposited directly into a user’s Mode Bitcoin wallet. By partnering with Mode, payroll providers can leverage the Company’s FCA registered platform to seamlessly distribute a portion of an employee’s paycheck in Bitcoin, each month.
Integrating Bitcoin into the payroll process allows providers to attract and retain customers by offering them more flexibility and value with every payslip. It also stands to differentiate PayEscape as one of the most innovative providers on the market.
Bitcoin Payroll automates the process of buying an investment that has traditionally been associated with a number of barriers to entry, including lack of accessibility, convenience and perceived lack of knowledge. By automatically converting a monthly pay deduction into Bitcoin, employees benefit from convenient and passive exposure to the best performing asset of the decade.
Employees will also benefit from the advantages that ‘dollar cost averaging’ can bring. This includes reduced investment risk and increased preservation of capital in the event of a market downturn compared to a single, lump-sum investment.
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.”
PayEscape is one of the UK’s fastest-growing payroll providers that combine superior cloud based technology with world-class customer service. Their revolutionary payroll and HR solution enables companies to focus on their core strengths whilst their CIPP trained staff offer a complete back-office solution, making processing your payroll hassle free.
Mode is an LSE-listed fintech company on a mission to build the world's most disruptive ecosystem where exchanging value and growing wealth is seamless for all. Mode is leveraging the power of Bitcoin and Open Banking to deliver on this mission and offer customers in the UK a one-stop app to shop, earn and grow their Bitcoin, all in one place. For businesses, Mode provides a cheaper, safer and smarter alternative to card payments that rewards shoppers with Bitcoin Cashback.
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Payescape Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (register number 821826) for the provision of payment services.