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Crypto Exchange Paid Salaries to Staff in BTC Last Month, Says Kraken

Kraken paid two hundred and fifty salaries to staff in terms of BTC last month, the digital asset exchange divulged in a tweet on May 23.

It is to be noted that the exchange was responding to the CEO of Euro Pacific Capital, Peter Schiff, who had claimed that there is no way that people are going to work for salaries paid in BTC.

Furthermore, the crypto exchange added that by the way, the employee who took a hundred percent payment in terms of BTC in 2012 retired in 2013.

The infamous crypto exchange purportedly employs about eight hundred people. Despite the fact that this figure suggests about thirty percent of its workforce is being paid in terms of digital asset, there is still some reluctance which needs to be removed before it is commonplace in the company.

Notably, there are some hindrances in place, across the industry, which can prevent employers from offering virtual currency salaries at all. For instance, workers must be paid to some degree in cash or checks, in the US. Moreover, it is still vague in a lot of countries how such earnings should be taxed. Additionally, price volatility is another concern. This is because Bitcoin’s value could go up or drop noticeably in the hours subsequent to a salary being paid.

A former Kraken employee declared, last month, that he was suing the infamous crypto exchange for USD 900 thousand. He alleged that the virtual asset exchange had failed to pay him for his work there.

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