Personal IBAN (International Bank Account Number) makes TRASTRA an attractive proposition for employers whose international workforce can now rely on TRASTRA’s built-in crypto wallets and the function of an in-app exchange of crypto into EUR. Bottom line? As an employer, you no longer have to deal with complicated international accounts setups of lengthy and expensive application processes. TRASTRA does that for you: just apply for the card, have your employees or contractors do the same, and start paying out wages in USDC – the best stablecoin for salary payouts in this writer’s opinion. The card comes with a personal IBAN, so your staff are free to send/receive EUR or exchange any crypto supported by TRASTRA into EUR at no charge
The short version of the answer is because it’s awesome. TRASTRA CEO Roman Potemkin has done a longer version on our blog before. Still, stablecoins is a seemingly inexhaustible subject, so it never hurts to reiterate a few points about them.
First of all, paying your team in USDC is smart. The token is pegged to the USD 1:1 and is therefore immune to the levels of volatility that affect other cryptocurrencies. The issuers – Circle and Coinbase – are stalwarts of The Cryptoverse. Both are regulated financial entities. USDC is an ERC-20 token, and I don’t need to tell you what the distribution potential of the Ethereum blockchain means for an employer whose workers are scattered throughout the globe. And finally, USDC is welcome on most of the prominent exchanges.
This robust combination of qualities makes USDC the perfect vehicle for your team’s payroll: as a universally recognised medium of exchange, it’s stable. It’s as liquid as can be (virtually all issued coins are now in circulation), and as a storage of value, well, let’s just say that you don’t have to rush off to exchange to swap it for fiat. Your USDC will be there as long as the USD remains the leading global reserve currency.
Why not continue paying salaries with fiat?
It’s not that you can’t, but in the post-pandemic 2021, paying out wages in fiat to an internationally distributed work collective is very expensive, time-consuming, and, ultimately, unnecessary when we have instruments like the TRASTRA crypto salary card. Betting on the dollar, think international invoicing and accounting, multiple points of exchange, fees to payment processors who work in most cases 9-to-5. Think waiting for days for the payments to go through. And we haven’t even begun to talk about taxes and reporting duties which are likely to differ for each member of your workforce.
For larger yet crypto-light employers, using services like Transferwise for fiat payouts makes sense, but then your employees are left to deal with the issues mentioned above on their own. And let me tell you from experience, local banks hate payment services transactions. They almost always lead to misunderstandings, charge-backs, exchange errors and other blunders, for which legacy banking is so well known.
TRASTRA salary card gets you free crypto wallets for BTC, ETH, XRP, LTC, BCH and USDC with a personal IBAN, which makes for a compact yet highly versatile package for paying out salaries to a team of employees who are situated in different corners of the world and are under various banking circumstances. A virtual IBAN – again, the type that comes with every TRASTRA card – is a phantom account number on the international numbering standard. Virtual IBANs look and work exactly like real IBANs, but eliminate the need for manual reconciliation. It’s a great tool to optimise payroll while decreasing administrative burdens.
So, Visa issues the TRASTRA crypto salary card with a personal IBAN attached to it, and to get cash out of an ATM will cost you a fixed fee of 2,25 EUR regardless of the amount. There’s no need for a legacy bank account for either selling or buying crypto, which means that freelancers of the world, crypto traders, miners and representatives of other free professions may rejoice at the opportunity to receive funds in crypto via our superb built-in wallets or in EUR via a bank transfer using personal IBAN, exchange inside the app and cash out anywhere Visa is accepted.