You had money in your bank account to run payroll on Friday, but you had the misfortune of banking at Silicon Valley Bank, and payroll didn’t run. I saw several people advocating for paying employees in cryptocurrency and avoiding the banks altogether.
While that may seem like a solution, the later shutdown of Signature Bank immediately exposed the problem with that plan–crypto isn’t a banking-free solution. While you can pay peer to peer without a bank involved, it seems that the banks are already inovolved. Signature had “recently made a play to win cryptocurrency deposits,” which means banks are already involved. And indeed, the price of Bitcoin tanked on Friday as SVB closed.
But if you wanted to avoid banks altogether, could you pay your employees in cryptocurrency? It’s possible, but be careful. Here’s what you need to know.
To keep reading, click here: SVB Failed. Paying Employees in Crypto May Not Be the Answer