In 2019, Alex Bouaziz and Shuo Wang founded Deel, a startup that aims to help companies hire and pay for talent remotely around the world.
The couple’s mission was serious, and their vision of long-life remote working predated the COVID-19 pandemic, which only fueled demand for its supply.
Share claims that companies can hire workers and contractors in less than 5 minutes without needing a local entity. It also says it gives businesses the ability to pay teams in more than 150 currencies with “just a click.”
“We want to empower companies to hire anyone, anywhere,” Bouaziz told TechCrunch. “Talent is everywhere, but opportunities are not. So we want to level that up a bit and allow companies to hire anyone, but more importantly, give them the experience they deserve, no matter where they come from.”
Bouaziz certainly walks out the door and confesses that he has “never worked in an office” in his life.
It’s clear that Bouaziz and Wang were onto something. Share was valued at $5.5 billion in October a $425 million Series D raise† It is growing like weeds and refreshingly transparent about that growth, with Bouaziz share very publicly in December that by 2021 his company “went from $4 million to $50 million + ARR, 50 to 550+ people in more than 60 countries, and…raised more than $600 million.”
Last year, Share launchedCrypto Withdrawals” for contractors, allowing anyone who paid through Share to withdraw a percentage of their earnings directly to their Coinbase account in Bitcoin, Ethereum, USDC, and Solana and Dash for near-instantaneous withdrawals.
But until now, employers using Share did not have the option to use crypto to pay remote workers.
Now the startup is taking it a step further by giving companies a way to fund payroll in crypto, starting with USDC because “it’s the fastest-growing stablecoin, and because it’s pegged to the dollar, there’s less room for volatility.” said Bouaziz. Allowing companies to pay for their international teams with crypto is an option likely to be welcomed by many of Deel’s more than 6,000 existing customers, including Coinbase, Shopify, and Dropbox, among others.
According to the Share team: “FFlexibility should not only be about where you rent, but also how you pay your team.”
The The new product feature differs from “Crypto Withdrawals” in that employers can now immediately pay their teams in USDC instead of leaving it to their staff to withdraw funds in crypto, the company said.
specifically, companies that hold their funds in USDC can make a payment directly to Share through their Coinbase account to cover payroll and payments for their global team. Once the company has paid the funds to Deel, contractors will be able to withdraw funds in more than 150 currencies, including crypto.
If companies mainly operate in crypto, Deel says, they don’t have to worry about paying the exchange fee to convert it into, say, USD, before paying their employees. They can just pay directly in crypto.
“It’s an end-to-end crypto payment experience, with less transaction and currency fees, plus there’s no need for businesses and contractors to keep money in a bank account,” it says.
For Deel, the move is the next step in the mainstream adoption of crypto.
“This changes the game for crypto companies,” said Bouaziz.
Deel says the move was prompted by “rising” demand for crypto payroll, both from companies looking to pay their team with their company’s crypto balance and from team members who wanted to be paid in crypto. For example, the startup says that the demand for crypto salary payments has increased by 10% monthly.
Some other cool stats from the company: Between July and December 2021, 2% of payments in crypto were withdrawn. In December 2021, about $4.7 million dollars was paid out to employees in crypto via Share, up 49% from November 2021. Interestingly, here is the breakdown of crypto withdrawals by region: LATAM (52%); EMEA (34%); NAM (7%); APAC (7%).
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