The Netherlands-Based Domino’s Pizza To Pay Workers Bitcoin Salary – – Daily Cryptocurrency and FX News

The Netherlands-Based Domino’s Pizza To Pay Workers Bitcoin Salary – – Daily Cryptocurrency and FX News

Domino’s Pizza is a franchise that has many locations in the Netherlands. On May 22, 2021, it announced that its workers would be offered the option of getting paid in bitcoin instead of fiat currency. Any worker who receives more than the minimum wage can choose to receive the excess salary in crypto.

Based on an announcement by Immensus Holding, the franchisee behind 16 Domino’s Pizza locations out of the 270 in the Netherlands, its workers can choose to be paid in bitcoin or euros for all salary that is above the country’s minimum wage.

One Netherlands-based crypto firm with a fiat-to-crypto onramp, BTC Direct, was chosen to handle the payments for any of the firm’s over 1,000 workers who chose to participate. Immensus co-owner Jonathan Gurevich said:

“We are a modern company, and we work with a lot of young employees. We hear them talking about Bitcoin and we want to offer the opportunity to own cryptocurrency.”

Dutch laws and regulations compel companies to pay minimum wage for employees in euros. The minimum wage per month in the country is subject to the age and hours worked. However, the workers that are aged between 15 and 18 can expect to earn more working at the pizza chain than needed by the local law.

This requirement means that the younger workers can earn some bitcoin every month. Immensus’s announcement that it would offer bitcoin payments coincided with the 11th anniversary of the first documented commercial transaction of cryptos for two Papa John’s pizzas. That incident is what brought up what is celebrated as Bitcoin Pizza Day.

Nevertheless, it comes the same week when the price of bitcoin and many other cryptos were hit by double-digit percentage losses, with bitcoin dipping under $30,000 before rebounding sharply. BTC Direct’s Jerrymie Marcus said:

“A monthly Bitcoin salary can be compared to dollar-cost averaging into Bitcoin. So all the benefits are the same, you don’t have to time the market, and in the long run, you cancel out short and mid-term volatility. This benefits the employee, they save value automatically in an ever-increasing asset.”

Laszlo Hanyecz’s purchase of those pizzas in 2010 cost him 10,000 bitcoins which is now worth nearly $380 million at the time of writing. But, even some Bitcoin bulls and pizza lovers are somehow hesitant to use bitcoin as a medium of exchange.

On May 18, Anthony ‘Pomp’ Pompliano, famous for his educational podcasts on cryptocurrency, said that he was launching his pizza company. The company will strive to support small businesses together with the Human Rights Foundation’s Bitcoin Development Fund.

Nevertheless, customers at the Bitcoin Pizza venture are only allowed to use crypto cards for payments. Pompliano later explained his reasons for not accepting Bitcoin payments:

“We don’t want people giving up their Bitcoin for pizza, but rather we are working to raise money in the form of depreciating fiat dollars to help fund Bitcoin development.”

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