Citizens living in countries with volatile economies reportedly share a likelihood to receive a crypto-enabled salary, according to global hiring platform Deel. 

Specifically, as revealed via its “State of Global Hiring Report”, the company reportedly disclosed that regardless of bearish movements in the 2022 market, crypto took up 5% of all global payments withdrawn from the platform on a monthly basis – an increase from the 2% in the latter half of last year. 

People currently living in countries possessing a high volatility in economic situations and currencies reportedly share the likelihood to have their salary transferred to in the form of crypto, according to the report, including nations in Latin America (LATAM) and Europe, the Middle East and Africa (EMEA).

Crypto withdrawals in the LATAM reportedly accounted for 67% of the total, with EMEA nations at 24%. The ones from the North American territory took up only 7% of the overall crypto payments. The Asia Pacific region was even lower with just a 2% share of the whole.

Regarding asset type, Bitcoin (BTC) is reportedly still the most preferred crypto coin, accumulating 47% of the total. Going in on the second spot was Circle’s USD Coin (USDC) with 29%, followed by Ether (ETH) at 14%. Tether (USDT) did not make the list.

Shannon Karaka, head of expansion ANZ of Deel, additionally revealed that individuals normally only withdraw a sum of their pay in crypto, which could be a sign that they are still using it as a long-term form of investment also. 

“From what we’ve seen in the field, getting paid in crypto is most attractive to three main groups of people: those who use the tool to hedge against local currency instability, those working in jurisdictions with dated local banking systems that can slow down payroll and those who are adding some crypto coin to their investment portfolio. The majority of our crypto withdrawals are coming out of LATAM and EMEA, which is likely driven by the first two use cases.”