Crypto Payroll Platform Cornerstone Acquires Paydrop

Cornerstone Global Management, a provider of payroll solutions with cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, announced on Monday the acquisition of Paydrop, which offers an array of financial services to small businesses.

The acquisition aims to scale Cornerstone's services over the coming quarters. It was a cash and stock swap deal, and Paydrop's senior leadership team is going to join the new parent, Cornerstone.

“Knowing the services and teams behind both Hedge and Paydrop, recommending the two work closer together seemed natural,” said Charlie Lee, the Founder of Litecoin and a Founding Advisor to Cornerstone.

“Cornerstone acquiring Paydrop is a smart move for both parties and will open up even more opportunities once Paydrop is connected to Hedge's pay conversion engine.”

Popularity in Crypto for Payroll

Cornerstone is known for its Hedge platform, which is a payment conversion platform transforming payroll into Bitcoin, Litecoin, Ethereum or stablecoins. These services are becoming popular as many companies are starting to pay their employees in cryptocurrencies.

After this acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term, Cornerstone is focused on providing its payroll conversion services to any independent contractor and non-traditional employees within the United States.

In addition, the company highlighted that the merger will make Hedge a full-service platform and even allow its clients to make blended crypto and fiat transactions.

“Acquiring Paydrop just seemed like a no brainer for both parties and will open up even more opportunities once Paydrop is connected to Hedge's pay conversion engine,” Hedge’s founder, David Schwartz said.

Steven McClurg, the former CEO of Paydrop and now a Cornerstone Board Member and advisor, said: “The combination of Hedge's conversion of W-2 and other income along with Paydrop's 1099 payment capability will bring greater support to anyone who wants to be paid in Bitcoin, Litecoin, crypto or stablecoins.”