Around 50% of Workers Prefer to Receive Part of Their Income in Crypto

Bakkt, the cryptocurrency arm of Intercontinental Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (ICE), released a study that unveiled that almost 50% of gig workers are open to getting paid a portion in crypto.

According to the report, in the study taken between mid-June and early July, 38% of respondents indicated they were open to getting paid in crypto, and the number jumped to nearly 50% when asked if they were open to receiving a portion of their payment in crypto.

With this demographic of workers, crypto adoption is well underway, and 20% claim they have already been paid in crypto. There was a high prevalence of crypto payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term among freelance writers, designers, developers, grocery shoppers, social influencers and renters. Gig workers selected 20-40% of their income as the most prominent percentage they would be interested in taking in crypto (34% overall), including rideshare drivers (42%), handymen (40%) and market sellers (40%).

“The increasing appeal and the existing usage of cryptocurrency among gig workers came through clearly in our study. While this group could benefit from increased understanding of how crypto can be used, rideshare drivers, food delivery drivers and other gig workers cite crypto as the next generation of currency and are drawn to the potential increase in the value of their pay,” Nicolas Cabrera, the Chief Product Officer of Payments at Bakkt, commented.

As opposed to ‘nice to have’ income, more than half of gig workers consider their income necessary to fulfil basic living needs. The report noted that more than 30% of gig workers work three or more gigs.

American Bank and Bakkt

Bakkt announced in April that American Bank had picked the Bakkt crypto connect solution to enable its bank customers to buy, sell and hold bitcoin (BTC) and Ether (ETH). Bakkt crypto connect is expected to launch in Q2 of 2022. Allentown-based American Bank strives to provide its customers in all 50 states with the best and most secure digital banking services.