Remote Unveils USDC Payments for Contractors in 69 Countries


Global businesses are increasingly turning to stablecoins to streamline payments and improve financial infrastructure. London-based stablecoin provider BVNK secured $50 million in a Series B funding round to expand operations into the US, while payroll platform Remote introduced USD Coin (USDC) payments for contractors in 69 countries. 

USDCUSDC

Global Payroll Provider Remote Introduces USD Coin Payments for Contractors in 69 Countries

Remote, a leading global payroll provider, announced a groundbreaking partnership with payment giant Stripe. This collaboration enables US-based companies using Remote’s platform to pay their contractors in USD Coin (USDC) across 69 countries. The new offering, powered by the Coinbase-developed Base blockchain, aims to simplify and enhance cross-border payments, catering to the evolving needs of a post-pandemic workforce.

Remote’s announcement brings attention to the increasing demand for seamless, fast, and reliable contractor payment solutions. According to the company, the integration of stablecoin payments enhances its suite of automation features, which include contractor onboarding, invoicing, and payroll processing.

“Stablecoin payments complement Remote’s powerful automation features for onboarding, invoicing, and paying contractors,” the company noted in its statement.

This development aligns with the shifting global hiring models, which have accelerated since the COVID-19 pandemic prompted a surge in remote work and cross-border hiring. By adopting USDC—a dollar-pegged stablecoin—Remote ensures that contractors have a reliable means of storing value in US currency. This is particularly beneficial in regions where economic instability or inflation erodes the value of local currencies.

Remote contractors will now have the option to receive payments directly in USDC through wallet addresses on Base, Coinbase’s layer-2 network launched in August 2023. Employer companies will continue to fund these transactions in US dollars, ensuring compliance with regulatory frameworks and maintaining operational simplicity.

Job van der Voort, Remote’s co-founder and CEO, highlighted the customer-driven nature of this innovation. “We’re adding a feature that has been highly requested by our customers, enabling them to pay contractors how they prefer, while maintaining the compliance and simplicity Remote is known for.”

The integration of USDC payments introduces several advantages for contractors and employers alike:

  1. Hedge Against Inflation: In many countries, where local currencies face devaluation, receiving payments in USDC provides contractors with a stable store of value pegged to the US dollar.

  2. Rapid Settlement: Stripe’s USDC infrastructure facilitates near-instant settlements, eliminating the delays associated with traditional bank transfers and foreign exchange conversions.

  3. Global Reach: Unlike conventional payment systems, USDC on the Base network provides a truly borderless solution, enabling faster and more efficient transactions across different jurisdictions.

Stripe’s role in this initiative marks its continued resurgence in the cryptocurrency space. Once a pioneer in crypto payments, Stripe introduced Bitcoin payment services in 2014 but discontinued them in 2018, citing volatility and inefficiencies. However, 2024 marked a pivotal year for Stripe, as it re-entered the crypto ecosystem, launching USDC payment services over the summer and establishing a partnership with Coinbase to support USDC transactions on the Base network.

Stripe’s return to crypto comes as businesses increasingly demand innovative financial solutions that leverage blockchain technology. The agreement with Coinbase in June 2024 to facilitate USDC payments on Base was a critical step, and Stripe formally initiated its USDC payment service in October.

Simplifying Global Payroll Compliance

Remote and Stripe’s partnership addresses not only payment speed and stability but also compliance. Remote conducts robust Know Your Customer (KYC) verification during contractor onboarding, and Stripe follows suit with its own KYC processes. These measures ensure that payments remain compliant with local and international regulations, offering peace of mind to both employers and contractors.

The integration of USDC payments is part of a broader trend of cryptocurrency adoption in global payroll systems. As remote work continues to reshape traditional employment models, solutions like those offered by Remote and Stripe are helping companies overcome the logistical and financial challenges of managing an international workforce.

For contractors, the ability to receive payments in USDC represents a significant step toward financial autonomy and resilience. For employers, this innovation provides an efficient, secure, and scalable way to manage payments across borders without the complexities of traditional banking systems.

BVNKBVNK

BVNK Secures $50 Million Series B Funding to Drive US Expansion

London-based stablecoin infrastructure company BVNK has successfully closed a $50 million Series B funding round, signaling its ambitious plans to penetrate the US market. Led by Haun Ventures, the funding round saw participation from prominent investors, including Coinbase Ventures, Scribble Ventures, DRW VC, and existing backers Avenir and Tiger Global. The fresh capital injection brings BVNK’s valuation to an impressive $750 million.

The funding will facilitate BVNK’s entry into the United States, with plans to establish offices in San Francisco and New York City. These hubs will focus on developing local banking infrastructure and securing operational licenses to cater to American companies.

“Stablecoins represent the most significant infrastructure upgrade to global payments in decades. […] This is the kind of innovation that defines the future of finance,” said Diogo Mónica, General Partner at Haun Ventures, highlighting the transformative potential of stablecoins in financial services.

The United States is poised to be the largest market for stablecoins, with legislative clarity anticipated to further validate their role in the global financial system. BVNK’s move comes at a time when the US stablecoin sector is witnessing significant momentum, buoyed by regulatory advancements and a growing focus on decentralized finance (DeFi) applications.

This latest funding round builds on BVNK’s prior successes, including a $43.2 million funding round led by Tiger Global in 2022, which valued the company at $327 million. In just two years, BVNK has more than doubled its valuation, driven by robust growth metrics.

The company claims to have processed over $10 billion in annual payment volumes, achieving 200% year-on-year growth. BVNK offers white-label infrastructure, enabling businesses to manage stablecoin payments internally. It boasts partnerships with global stablecoin giants such as PayPal, Circle, and First Digital, solidifying its position as a key player in the sector.

As BVNK enters the US, it will face competition from established stablecoin infrastructure providers such as Paxos, Circle, and Ripple. However, its strong track record and innovative offerings could give it a competitive edge. BVNK’s co-founders—Jesse Hemson-Struthers, Donald Jackson, and Chris Harmse—bring a wealth of experience from the financial services industry, positioning the company as a formidable challenger in the space.

The stablecoin industry is on a steep growth trajectory, with the total market capitalization currently at $203 billion, according to DeFiLlama. Experts predict the sector could surpass $1 trillion by 2035, driven by increasing adoption for cross-border remittances and DeFi liquidity solutions.

The entry of more companies into the stablecoin ecosystem is indicative of the sector’s potential. Ripple recently launched its regulated stablecoin, RLUSD, after receiving approval from the New York Department of Financial Services (NYDFS), further demonstrating the market’s maturity.

Stablecoins: Transforming Global Payments

BVNK’s expansion comes at a time when stablecoins are being recognized as a game-changing innovation in the payments industry. Their ability to offer fast, secure, and cost-effective transactions has made them increasingly popular for both businesses and consumers. By enabling seamless cross-border payments and serving as a hedge against inflation in unstable economies, stablecoins are becoming integral to global financial infrastructure.

With its ambitious US expansion, BVNK aims to capitalize on the stablecoin industry’s growth potential while navigating a complex regulatory landscape. The establishment of local operations in the US will be pivotal in ensuring compliance and delivering tailored solutions to American businesses.

As BVNK takes its next steps, it joins a growing list of innovators reshaping the future of finance. Its entry into the competitive US market, bolstered by strong investor confidence and a proven track record, marks a significant milestone in the evolution of stablecoin infrastructure.

The surge in stablecoin-focused projects and investments highlights the sector’s bright future. BVNK’s story is a strong indication of the transformative power of stablecoins in modern finance, paving the way for faster, more inclusive, and more reliable global payments. As the stablecoin industry continues to mature, companies like BVNK are at the forefront of a financial revolution that promises to redefine the way value is transferred worldwide.



Source link