More businesses offer pay in cryptocurrency in a bid to lure younger workers – CNBC

December 20, 2021 by No Comments

Stephen Gerrits, a senior at Clemson University in South Carolina, has a part time gig with a start-up. He gets paid in cryptocurrency.

“Why not take the chance or the opportunity to kind of strike it rich, get some money out of it?” said Gerrits.

Gerrits says he spends about eight to 10 hours a week at SharpRank, persuading people to download its sports app on their phones and gets paid by the download.

He says he has probably earned about the same or more in crypto as he would have in cash, thanks to price appreciation, but, given the large fluctuations in crypto’s value, he’s not certain.

“I probably check it like three times a week,” Gerrits said of his crypto account. “I just tried to let it sit for the most part, but it’s kind of fun to watch when it’s rising — and then not so much fun when it’s going down.”

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Since he has other funds to cover rent and essentials, Gerrits considers the money from this job as an investment.

His employer sees it as a way to attract talent.

SharpRank, an independent ratings agency for oddsmakers, uses “campus captains,” influential college students, to serve as brand ambassadors and build its user base. Unlike a Redbull, Lyft or Apple, however, SharpRank doesn’t have a physical product to discount or give away.

“We wanted to differentiate ourselves from the pack when they [prospective employees] looked at what we were doing as a startup,” said Chris Adams, SharpRank’s founder and CEO.

Adams says more than half of its workers take at least some of their pay in crypto. There seems to be added value in terms of crypto’s “cool factor” for some employees when they talk about their jobs.

“A lot of my friends have graduated and work in real ‘adult’ jobs and wish they could get some of their salaries in crypto,” said Gerrits.

While there is an interest in getting paid in digital coins, it’s risky. This year alone, the price of bitcoin has topped $67,000 and sunk to under $30,000. In real dollars, someone paid $670 in crypto in early November, had $500 just a month later.

Ethereum, a cryptocurrency used by developers to power decentralized applications — including non-fungible tokens — is popular with artists. The coin hit an all …….

Source: https://www.cnbc.com/2021/12/20/more-businesses-offer-pay-in-cryptocurrency-in-a-bid-to-lure-young-workers.html

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