MoonPay, a prominent name in global crypto payments and stablecoin infrastructure, has entered into a strategic partnership with Deel, a comprehensive platform for global payroll and HR services. This collaboration aims to broaden the stablecoin salary payout options for workers worldwide, providing a more efficient and flexible payment method.
Deel operates an AI-driven platform facilitating payroll, HR, mobility, performance, benefits, and device management in over 150 countries. With over 40,000 customers and extensive local expertise, Deel enables businesses to hire, manage, and pay employees everywhere. The new partnership will integrate MoonPay’s stablecoin conversion and payout capabilities into Deel’s existing system, ensuring compliant salary payments to users’ non-custodial crypto wallets.
The rollout is set to commence next month, initially focusing on employees located in the United Kingdom and European Union, with plans for subsequent expansion into the United States.
Ivan Soto-Wright, the CEO and Founder of MoonPay, expressed pride in collaborating with Deel, emphasizing this partnership as a significant advancement towards incorporating digital assets into practical financial scenarios, such as salary disbursements. Thierry Edde, Deel’s Head of Crypto, further commented on the firm’s commitment to enhancing payment flexibility, highlighting that integrating MoonPay’s capabilities would simplify access to swift and secure payroll options via stablecoins.
By opting into stablecoin payments, Deel’s users will benefit from a modern alternative to conventional cross-border transfers, characterized by:
– Near-instant settlement for faster payouts
– Protection against value fluctuations in regions experiencing high inflation
– Secure access for workers who may not have reliable banking options
This is not Deel’s first engagement with alternative payment methods. A 2022 report by the company noted that approximately 10% of payroll withdrawals from its contracts in Africa were conducted in cryptocurrency. The same report highlighted that Latin America accounted for 52% of crypto withdrawals from overall salary disbursements, while Africa followed closely at 34%.
Notably, the emergence of stablecoins in Africa is particularly compelling, given the high costs associated with traditional remittance services, averaging around $6 for every $100 sent. Trends show that stablecoins now comprise over 43% of all crypto transactions on the continent, easing financial transactions beyond traditional means. For instance, Nigeria alone accounted for more than 40% of stablecoin inflows in Sub-Saharan Africa in the past year, with countries like Ethiopia and Zambia experiencing growth rates exceeding 100%.
The rising dependency on stablecoins as a viable financial tool underscores their significance for remittances, especially as traditional aid becomes less central for many across Africa. Experts emphasize the critical role of remittances in the region, further cementing the potential and path for stablecoin adoption in payroll systems.
As this partnership unfolds, MoonPay and Deel are poised to transform payroll paradigms, making competitive financial tools accessible to an increasingly global and diverse workforce.
