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/ Wednesday, February 23, 2022
Locally Based Start-Up Begins Paying Associates in Crypto
The company will also offer employees a Bitcoin 401K
T
Zoe Landi Fontana, The Weekly Journal
he Díaz Fontánez group, a Puerto Rico-based international company, is offering its associates payment in Tether, a cryptocurrency hosted on the Ethereum and Bitcoin blockchain. The Puerto Rico company was founded by Ariel Díaz Ríos and his wife Andria Fontánez, with associates in Colombia, Spain, the US, and Puerto Rico. Payment in cryptocurrencies would benefit those who need to convert from dollars into their local currency. In addition to staying relevant and up-to-date
The purpose of paying in stablecoin is to bring stability to the payments… Receiving stablecoins, a contractor can convert (the payment) into any other cryptocurrency that they want to. Ariel Díaz Ríos Co-founder, Díaz Fontánez Group
with trends in the labor market, Díaz says that he have the option to opt-into a Bitcoin 401K using wants to minimize the costs that are generated the platform Bit-Wave. “Compared to even the by every transaction that requires converting riskiest 401K bucket, a typical 401K wouldn’t have currencies. the yields that bitcoin has had,” Díaz said of the In response to the instability of cryptocurrencies possible rewards of investing in Bitcoin. in general, the group will pay in stable coins. “We want to stay ahead of the game and would Transactions will be logged in like to be attractive as an the blockchain, a system that employer brand. We’re still allows for secure transactions a start-up, so right now we to occur between people can’t provide things like tuition anywhere in the world without reimbursement, but with the the need for intermediaries. agility that we do have, we The company’s “The purpose of paying in want to stay ahead in terms of employees are stablecoin is to bring stability tech-oriented initiatives,” Díaz not able to receive to the payments. Right now, explained. payment in the crypto world is pretty cryptocurrency, but volatile. Receiving stablecoins, Other Benefits they will soon have a contractor can convert So, what benefits do this the option to opt(the payment) into any other brings his business? The Díaz into a Bitcoin 401K cryptocurrency that they Fontánez Group isn’t a recipient using the platform want to,” explained Díaz in of the Law 60 tax exemptions, so Bit-Wave. conversation with THE WEEKLY their investments and holdings JOURNAL. in crypto are still taxed as “It’s also easier for them applicable. “It adds to our value to convert from crypto to the proposition as a company—we local currency. Using the system Binance, which can attract more talent, especially among Latin is recognized in most Latin American countries, American freelancers,” Díaz said. And for those who they would receive the money in crypto with very would traditionally need to convert from dollars into low transaction fees. It allows them to have more their local currency, payment in crypto means they money in their hands at the end of the day.” end up with a less diluted paycheck. Associates’ reactions have been mainly positive. The Díaz Fontánez group isn’t forcing crypto The company offered seminars to inform them technology on any of their employees, but by of the benefits of crypto, but the choice remains providing the option to receive payments or invest their own. According to Díaz, each week, more retirement savings using cryptocurrencies, they associates become interested. make sure that interested employees can continue to grow with the rapidly changing business and financial environment—if they want to be on the A Bitcoin 401K cutting edge of it all, the Díaz Fontánez group will The company’s employees can not receive get them there. payment in cryptocurrency, but they will soon
In fact,
