Aug 17, 2022

Why crypto payroll? A Q&A with Noyo partner Zebec

Although recent innovations are addressing payroll pain points, what if there was a better way? A growing number of cryptocurrency proponents believe crypto payroll offers the best solution. Find out why in this Q&A with our latest partner, Zebec Protocol.

{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Given that ","nodeType":"text"},{"data":{"uri":""},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"65% of workers","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" live paycheck to paycheck, nothing is more important to employees as prompt and error-free payroll. It’s no wonder ","nodeType":"text"},{"data":{"uri":""},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"half of workers","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" would switch jobs after two paycheck errors — they simply can’t afford to work for an employer who makes mistakes.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Although recent innovations in payroll are addressing these pain points for both employers and employees, what if there was a radically different approach? A growing number of cryptocurrency proponents believe that crypto payroll offers the best solution.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Crypto payroll promises to give employers more control and the ability to pay workers on a per-second basis. All while being more attractive to younger talent who are interested in investing in and using cryptocurrency in their everyday lives.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"To learn more about this trend, we turned to crypto startup and Noyo partner, ","nodeType":"text"},{"data":{"uri":""},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"Zebec","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", for a conversation with Head of Growth, Subash Guatam. Here’s why employers are choosing crypto payroll and how Zebec’s innovative solution is invigorating the payroll scene.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What is crypto payroll?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Subash:","nodeType":"text"},{"data":{},"marks":[],"value":" In most industries, workers get their salary deposited in their bank account via direct transfer. Hardly anyone gets it in cash. If you get paid on a weekly or monthly basis, you have to wait a week or a month after doing the work to receive the salary. But with crypto, employers can pay their employees much faster. Even if just one hour of work has passed, employees are able to withdraw the money that has been streamed, which they can utilize to buy groceries, pay bills, or do anything else. Instead of receiving your salary in a bank account, you receive it in a wallet address that you control. With Zebec, it happens on a per-second basis.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Who is Zebec and what does the company do?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Subash: ","nodeType":"text"},{"data":{},"marks":[],"value":"Zebec is a DeFi protocol based on the Solana blockchain. The core technology of Zebec is a continuous settlement protocol that enables per-second streaming of tokens. Liquidity in crypto is a huge problem, because many funds are locked in smart contracts. Zebec is trying to enable high liquidity of tokens by helping them stream on a per-second basis from one wallet address to another. We’re also creating a crypto payroll system where crypto companies can pay their employees through stable coins on a per-second basis, which can later be withdrawn through a debit card to make everyday purchases.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"sys":{"id":"1U3XNkWDyTxypAtAPK0BhC","type":"Link","linkType":"Asset"}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"What are the benefits of crypto payroll over traditional payroll?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Subash: ","nodeType":"text"},{"data":{},"marks":[],"value":"There are many benefits. First, real-time liquidity. You have access to the funds once the streaming has started. Second, control over the funds. The employee has control, not the employer or the bank, because the blockchain is decentralized. Third, you can invest your funds in crypto assets and benefit in the long run. Everyone knows the crypto industry is new and growing, but you cannot buy two or three units of a company’s stocks without large amounts of fiat money. But with crypto, you can invest with whatever you have.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"One of the gaps Zebec is trying to fill is to connect the traditional financial system with the blockchain. We’re trying to do that with a debit card, which means you might hold your salary in crypto on a wallet address, but then you can withdraw those funds in real fiat currencies using the card. That is why we’ve partnered with Visa. In the future, people will be able to directly convert crypto into fiat using debit cards.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Why would an employer want to offer crypto payroll?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Subash: ","nodeType":"text"},{"data":{},"marks":[],"value":"A single word: efficiency. In the blockchain, everything is performed by smart contracts. It is not us who controls the system, but the smart contract that controls the system. Because of this, there will be fewer errors while distributing salary. It will also be much easier to handle disputes and holidays. Zebec also features a pause function that allows the streaming of an employee’s funds to be put on hold and resumed when necessary.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"How do you see crypto payroll growing in the next five years?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Subash: ","nodeType":"text"},{"data":{},"marks":[],"value":"Adoption will definitely start from already-existing crypto projects. Most of the crypto projects on the market will be using crypto payroll to disperse salaries to their employees. Once the regulation is a bit more flexible in all parts of the world, I think new startups will be based on crypto tokens. Adoption will begin in the crypto industry and it will likely arise from newer companies rather than the existing ones that are more hesitant to embrace the technology.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Will users be able to pay insurance premiums using crypto?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Subash: ","nodeType":"text"},{"data":{},"marks":[],"value":"It will depend on regulations. In our architecture, we have a digital layer between our software and everything that happens in the bank accounts. In the future, there will be another layer which will be the crypto layer that will completely displace the existing one. There will be an interaction between the software and the crypto layer. Then, through the software, there will be an interaction between the banks and the insurance companies. But for the next five years, all the interactions will be between the traditional system, the software, and the crypto layer.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Why was Noyo the right benefits API solution for Zebec?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Subash: ","nodeType":"text"},{"data":{},"marks":[],"value":"Noyo is a company that can integrate data points with insurance carriers. We are new to the industry, so we partnered with Noyo because they provide the best services to integrate any company’s data points with insurance carriers. As the partnership has developed, we have been really pleased with how responsive the Noyo team continues to be. Our team asks repetitive questions, but Noyo is always there to answer them, and that has been really helpful.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"What’s one thing you’re most excited about coming up for Zebec?","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Subash: ","nodeType":"text"},{"data":{},"marks":[],"value":"The mass adoption! We have a vision and if the industry changes per our vision — if we can bring our solution to the masses — that will be really awesome.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"To learn more about the Noyo APIs powering Zebec’s digital-first approach to payroll administration, ","nodeType":"text"},{"data":{"uri":""},"content":[{"data":{},"marks":[{"type":"underline"},{"type":"italic"}],"value":"explore our solutions","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[{"type":"italic"}],"value":".","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}

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