Mode Global Holdings PLC (LSE:MODE) is to hook up with PayEscape to pilot the first-ever Bitcoin payroll product in the UK.
The fintech company said internal tests within Mode and PayEscape (a payroll provider) are already underway and have been adopted by a significant number of employees.
The Bitcoin Payroll will see a monthly deduction of net pay from subscribers that will be converted into Bitcoin and deposited directly into a user's Mode Bitcoin wallet.
Integrating Bitcoin into the payroll process allows providers to attract and retain customers by offering them more flexibility and value with every payslip. It also stands to differentiate PayEscape as one of the most innovative providers on the market, Mode’s stock market announcement said.
"Bitcoin Payroll is another step towards breaking down the barriers to mainstream Bitcoin adoption. By automating the process of converting monthly pay deductions into Bitcoin, Mode aims to make it easy, convenient and accessible for people in the UK to gain exposure to the asset class,” said Ryan Moore, the chief executive officer of Mode.