An internet giant in Japan called GMO has stated that from February employees can start receiving part of their salaries in Bitcoin. The Bitcoin payment option will be started with the GMO Internet Co. Ltd and will later be extended to the entire group of companies. The announcement was made by the company on Monday. As of September this year, GMO Internet had 1,710 full-time employees.
The company has other 42 subsidiaries which are part of the group. This subsidiary includes GMO coins which are the company’s cryptocurrency subsidiary and GMO Click. GMO Click is one of world’s largest FX Platforms.
For salary payment in Bitcoin to be successful the company explained that: “GMO has come to a conclusion about the introduction of Bitcoin as part of salary payment. This decision is driven towards improving our employee’s ownership of the currency.”
The least payment amount will be 10,000 yen for the start while the maximum will be 100,000 yen. The normal salaries of employees will be reduced with the equivalent amount of Bitcoin paid. The Bitcoin value will be determined by the value on the GMO exchange. Bitcoin payment will be made on the same day salaries are paid.
Promotion of Digital Currencies from within
GMO launched its cryptocurrency platform in May and in September they announced plans to start mining. In fact, the company has already set aside about ten million yen which will be used to set up a mining firm. The company had also announced that it would eve start selling mining boards fitted with 7nm clips and the selling will be on tokens.
According to the announcement made yesterday, the company explained that:
“Our mining business is set to start in January 2018. Our company will continue contributing to the development of virtual currencies in the world. This will be through the promotion of efforts that relate to cryptocurrencies in the entire company. To ensure that these approaches are strong we will also ensure that our employees actively use cryptocurrencies. This will be by promoting their ownership by paying part of their salaries in cryptocurrencies.”
With firms and employees coming to an agreement that Cryptocurrencies can be used to pay salaries this show trust in third currencies. This act also promotes this virtual currency as they try to become mainstream. Acts like this of promotion attract more people to the currencies. Thus the prices will continue going up.