By Samuel Indyk
Investing.com – Mode Global (LON:MODE) has announced it has partnered with payroll provider PayEscape to pilot the first-ever Bitcoin payroll product in the UK in conjunction with a supplier.
The Bitcoin payroll product will be a monthly deduction of net pay that is converted into Bitcoin and deposited into a user’s Mode Bitcoin wallet.
The product will automate 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 monthly pay into Bitcoin, employees may stand to gain exposure to Bitcoin, which has appreciated over 120% year-to-date.
“Bitcoin Payroll is another step towards breaking down the barriers to mainstream Bitcoin adoption,” said Mode Global Chief Executive Officer Ryan Moore. “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.”
The initial pilots of the product will be run within Mode and PayEscape during the remainder of 2021 and the beginning of 2022.
At 10:25GMT, shares in Mode Global were trading higher by 3.9% at 33.45 pence per share.