A report on the global hiring ecosystem has shed light on the increasing trend in crypto freelancing in Latin America.
The “State of Global Hiring Report 2021” from global payroll solutions firm Deel revealed that hiring by LATAM (Latin American) companies is growing fastest. Companies in Europe, the Middle East, and Africa follow behind those of Latin America.
Furthermore, the report added that people in Latin America and Africa are increasingly taking part of their salaries in cryptocurrency. The growth rate of hiring from Latin America from July to December 2021 was 286%.
Additionally, LATAM countries accounted for 52% of those where employees take their paychecks in crypto. Argentina and Brazil were the top two nations for crypto payments. Bitcoin was the asset of choice in 63% of the instances, with Ethereum accounting for 26% of crypto payments.
Latin America represents 9% of global crypto transactions with $353 billion, according to Chainalysis.
10% Increase in MoM Crypto Salaries
The findings come from the aggregated data of Deel’s 100,000 plus team contracts and over 6,000 customers from more than 150 countries. Furthermore, the firm facilitates hiring across borders by doing away with the paperwork and bureaucracy.
The company revealed that the top five roles hired were software engineers, account executives, consultants, product designers, and quality assurance engineers. Additionally, Mexico, Chile, and Uruguay were the top three LATAM countries for hiring, it added.
The largest gains in employee salaries for the period were in Ecuador, Dominican Republic, Mexico, and Uruguay. Interestingly, there was a 10% month-on-month increase in people wanting to be paid in crypto since November 2020. Furthermore, 2% of all payments in the region were withdrawn in crypto between July and December of 2021.
Where Next for LATAM
In a December report titled “Where next for crypto in Latin America?” Coinbase revealed that El Salvador’s Bitcoin adoption was big news for the continent.
“Macro trends across the region also explain the attractions of cryptocurrency as a store of value and means of exchange.”
Moreover, it attributed this growth to several factors such as the fact that 50% of people in Latin America do not have bank accounts. Rising inflation is another factor as is the dominance of the U.S. dollar in many countries.
In conclusion, both reports suggest that this crypto adoption growth will continue for LATAM in the years to come.
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