MoonPay, a prominent fintech company known for its infrastructure that facilitates the buying, selling, and exchanging of cryptocurrencies with fiat currency, is set to launch an ambitious payroll initiative aimed at reaching 40,000 companies across the European Union and the United Kingdom. This initiative comes as a result of a newly announced partnership with Deel, a payroll and human resources platform.
Through this collaboration, companies utilizing Deel will enable their employees to receive salaries in stablecoins, leveraging the capabilities of Iron, a platform dedicated to providing fiat infrastructure. Max von Wallenberg, founder and CEO of Iron, emphasized the significance of this partnership, stating, “Deel will use the Iron platform for stablecoin payroll, enabling fast and seamless global payouts at scale.”
The roots of this payroll project can be traced back to 2021, reflecting a growing trend towards integrating cryptocurrency in everyday business transactions. Wallenberg noted that Deel processed an impressive $22 billion in global payroll payments by 2025 and expressed confidence in the shift towards crypto infrastructure.
Initially, the payroll service will roll out in the UK and EU, although MoonPay has indicated intentions to eventually expand its offerings to the United States, tapping into a larger market for crypto adoption in payroll solutions. Deel has had connections with cryptocurrency as far back as 2021 when it was announced that workers could be compensated in digital assets such as USDC or Solana. Moreover, that year marked a significant milestone for Deel, which raised $425 million through a Series D funding round.
This move is part of a broader trend of traditional financial frameworks adapting to the changing landscape of digital currencies, representing a significant step toward mainstream adoption of cryptocurrency for payroll functions. As organizations continue to embrace innovative payment solutions, the partnership between MoonPay and Deel marks a pivotal moment in the evolution of business payroll systems.
