German Tech Magazine t3n Trials Employee Bitcoin Payroll

(@pete_rizzo_) | Published on March 22, 2016 at 22:37 BST
News

German tech magazine t3n has announced it will now allow employees to receive a portion of their salary in bitcoin.

The news is the result of a partnership between t3n and local bitcoin startup PEY, which is now developing a payment solution for bitcoin merchants with US-based startup BitPay.

t3n said it has been conducting a trial of the payroll service since November, with employees receiving €20 worth of bitcoin with each paycheck. From here, however, workers will be able to adjust this payment, depending on their risk tolerance.

In a blog post, the magazine said it sought to embark on the trial as a way to boost the wider bitcoin ecosystem and to learn more about the technology, writing:

"One motivation to implement the new form of salary payment, of course, is in our editorial related interest in new technologies and their adaptation by users in everyday life."

t3n went on to say that it was keen to shed the "observer role" and get involved in exploring the potential applications for its business.

A notable value-add for t3n employees is that the company is offering bitcoin as a tax-free benefit due to the fact that the digital currency is not considered legal tender in Germany.

PEY’s bitcoin payroll service is currently only available in the German market, though the startup indicated it is seeking to roll it out to employers in more countries in the coming months.

Disclaimer: CoinDesk is a subsidiary of Digital Currency Group which has an ownership stake in BitPay.

Calculator image via Shutterstock

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