Congratulations to rise_pay for winning CoinDesk's 2023 Pitchfest contest, which took place recently at consensus2023. U.S.-based Rise supports companies in making automated crypto payroll to employees. baidakova reports
by the financial advisor company deVere, over a third millennials and half of Gen Z employees would like to receive 50% of their paychecks in crypto. There is already a range of startups, like Bitwage, that help companies process their payroll in crypto, but Rise adds a new twist: it allows both companies and workers to choose whether they want to work with crypto or fiat and use smart contracts for instant payments.
In April 2022, Rise launched the current version of its platform. It has recently closed a $3.8 million seed round led by Sino Global Capital and Polymorphic Capital, with participation from Draper Associates, Hashkey Capital, Paradigm Shift Capital, WW Ventures, P2P and Cosmo Capital, the company said in a press release.
For now, the service is only available for contractors, but in the coming months, Rise is planning to launch an employer of record service, which would allow companies to use for full-time staff salaries, by outsourcing their HR and payroll work to it.
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