Beyond the charts:
Web3 for real-world applications

Web3 is driving a revolutionary paradigm shift, fundamentally changing how we interact, do business, and deal with data.
Unlike Web2's era of data mining and surveillance capitalism, Web3 aims to empower users by placing control back in their hands.

This decentralized approach leverages faster, direct transactions, creating a more secure, just, and transparent internet.

The result? Well, in the previous FORTY editions of The Wild West of Web3, we discussed dozes of use cases - from open loyalty to decentralized finance to NFTs.

As much as I love seeing the price of Ethereum going up or that meme coin getting a 94758% rise overnight, at the end of the day, what really drives my journey in this space is being able to help build and share Web3-based solutions for real-life situations, for real-life businesses.

It doesn’t matter if you represent a multi-billion company with thousands of full-time employees, a small local business that hires a few contractors every once in a while, or even if you are a freelancer yourself → Payments must be made (or received).

On top of that, as businesses worldwide embrace remote work and tend to prioritize skill-based hiring over geographical constraints, it’s about time to have a proper solution for payroll management.

That’s why I’m stoked for having Rise with us again today.

But this time, let’s dive into what they’re building and find out how their Web3-enabled platform can redefine how payments are managed in this digital-first era.

LFG!

Mapping the situation:
The challenges in payroll management

To better understand what Rise can solve, let’s first understand what’s currently going on.

Managing payroll in today's globalized world is far from being an easy task.

For starters, businesses and contractors face high fees and delays due to cross-border transactions.

But wait, there’s more!

The traditional wire transfers… I’m pretty sure you don’t remember them as being the fastest solution ever, right?

And if you have to manage payments to different countries, good luck dealing and complying with varied international regulations:

“Can I pay a contractor based in Brazil with US dollars?”

“What’s the minimum wage in Belgium”

“Is the any specific rule about contractors in South Africa?”

“How do I make a payment to this designer based in Serbia?”

Traditional banking systems, which are not designed to handle the complexities of a modern, global workforce, often fall short when trying to answer those questions.

These inefficiencies lead to frustrations (and eventually extra costs) for both employers and employees, impacting overall productivity and satisfaction.

Back to the cross-border situation: One of the most significant issues is the inconsistency and high costs associated with international payments.

Companies must navigate a bunch of intermediaries, each adding their fees and delays, often resulting in a substantial portion of the payment being lost to transaction costs.

Furthermore, banks operate within strict hours, making it difficult to execute timely payments, especially across different time zones.

(Imagine contacting your bank to sort out a payment that didn’t go through on a Sunday afternoon)

Regulatory compliance adds another layer of complexity.

Different countries have their unique legal requirements for payroll, creating a compliance nightmare for companies with international teams.
Failure to adhere to these regulations can result in fines and legal repercussions, further complicating the payroll process.

Lastly, traditional payroll systems lack flexibility.

Employees often have to wait several days for their payments to clear, and there is little room for customization in how they receive their compensation (if any).

This doesn’t fit AT ALL the needs of a modern, globalized workforce that values speed, transparency, and flexibility.

Each day, more and more workers around the world show a preference for receiving part of their compensation in digital currencies, reflecting a growing demand for more versatile payroll options.

“But do I really need a different payroll solution?”

I shared the information below in last week’s edition, but I think it’s worth bringing it up again.

If you - or your projects - ever experienced at least one of the situations below, I guess you have an answer to the question above.

Rise:
The future of payroll

Global workforces, multiple currencies, processing times, complex compliance rules…

It’s safe to say that when it comes to managing payroll in today’s environment, there are a LOT of obstacles.

In this scenario, it’s not an exaggeration when I say that Rise stands out as a game-changing solution.

Designed to revolutionize payroll management through the power of blockchain technology, and by integrating both fiat and cryptocurrency payments, Rise offers unprecedented flexibility, efficiency, and compliance, making it an essential tool for modern businesses.

One of Rise’s best features is its seamless integration of fiat and cryptocurrency payments.

“Forget it, Diego. My company does not hold any crypto”

Very good point, my fellow degen.

The thing is: companies can fund payroll from digital wallets and traditional bank accounts, allowing employees to choose their preferred payment method- whether it be fiat, cryptocurrency, or stablecoins (or a combination of both).

This hybrid approach not only caters to the diverse preferences of today’s employees but also aligns with the decentralized ethos of Web3, promoting financial inclusion and freedom.

By the way, I invite you to check Rise’s Crypto Payroll guides - they have different step-by-step sources on how to start paying your global teams in USDC, USDT, and ETH.

“But is it safe? How transparent is it?”

Enhanced security and compliance are at the core of Rise's offerings.

By utilizing blockchain for transactions, Rise ensures a high level of security and transparency.
Each transaction is recorded on an immutable ledger, significantly reducing the risk of fraud and errors. Additionally, Rise handles global compliance seamlessly, automating tax forms and ensuring adherence to local laws.

This automation reduces the administrative burden on companies, allowing them to focus on their core business activities.

For instance, Rise’s automated compliance system ensures that all tax forms are correctly filled out and submitted on time, eliminating the risk of non-compliance and the associated penalties​.

Their platform is designed for speed and flexibility, processing payments quickly and often in real-time, reducing the wait time for employees.

It supports a wide range of currencies, allowing for customized payment plans tailored to the specific needs of each employee. This flexibility is particularly beneficial for companies with diverse, international teams, ensuring that all employees are compensated promptly and in their preferred currency.

For example, Rise's hybrid payroll solution enables employees to split their payments between fiat and crypto, giving them greater control over their finances​​​​.

Following up on something I mentioned last week, here’s something that’s totally possible (and easy) for employees/contractors with Rise:

→ 70% USD and 30% USDT (crypto stablecoin) this month.

→ Then 30% Euro and 70% crypto next month?

→ A boring 100% USD in the third payment? No problem.

So yes, the process would look like this:

Company “fills” the wallet with regular/FIAT funds → Each contractor/employee decides how they want their payment to be divided → Payments are made accordingly.

Super complex, right? 😅 

Cost efficiency is another significant benefit of using Rise.

By reducing the need for multiple intermediaries and leveraging blockchain’s efficiencies, Rise significantly cuts down on transaction fees and processing times.

This cost efficiency is obviously great for companies, allowing them to allocate more resources towards growth and development rather than administrative overheads.

Traditional international transactions can incur fees up to 10% (or more depending on what’s involved), while Rise’s blockchain-based transactions reduce these fees to a fraction of the cost, resulting in substantial savings for businesses​.

So here’s your TL;DR on why Rise is getting more and more attention:

💡 Seamless Integration: Combines fiat and crypto payments, offering flexibility.

💡 Enhanced Security: Uses blockchain for secure, transparent transactions.

💡 Global Compliance: Automates tax forms and adheres to local laws.

💡 Speed and Flexibility: Processes payments quickly in a wide range of currencies.

💡 Cost Efficiency: Reduces transaction fees and processing times significantly.

“But how do they do this? What’s the magic behind their platform?”

How Rise works:
The mechanics of modern payroll

It’s time for us to understand how Rise manages to offer all those solutions:

Smart Contracts for Automation

Rise employs smart contracts to automate payroll processes, ensuring timely and accurate payments.

These self-executing contracts are programmed to release funds once certain conditions are met, eliminating the need for manual intervention.
This automation not only reduces the margin for error but also speeds up the entire payroll process.

Real-time payments and Multi-currency support

As seen above, one of the standout features of Rise is its ability to process payments in real-time, supporting a wide range of currencies including both fiat and cryptocurrencies.

We saw that this flexibility allows employees to choose their preferred payment method, catering to diverse preferences and financial needs.

But more than that - and as mentioned in edition #40 - this flexible, faster flow helps companies enhance talent retention - and we know how valuable this is in today’s ultra-competitive market.

And if you are on the other end - as a contractor - I’m pretty sure you’d value a client that offers this flexibility when it comes to payments.

This leads us to something that I got asked a lot about since I published the Spotlight on Rise last week:

“What about regular, full-time employees? Does Rise have solutions for benefits such as health insurance?”

In short: YES.

In fact, Rise’s CEO Hugo Finkelstein, explored this scenario when we talked a couple of weeks ago.

(Click here to watch the whole 1-hour conversation)

So if you are planning on offering health & travel insurance for your team around the world, Rise can also help you out.

Whether you have a team of regular full-time employees or only a few occasional freelancers - or any combination of them, Rise can certainly take care of your team’s payroll.

Now, probably my favorite feature offered by Rise

RiseID: Secure and Compliant Identity Verification

The RiseID system provides a secure, on-chain identity verification mechanism that protects both employers and employees.

This system ensures compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations without compromising user privacy.

Again to the ones in the back: KYC AND AML compliant without compromising user privacy.

By verifying identities on-chain, Rise enhances the security and integrity of the payroll process, ensuring that all transactions are legitimate and compliant with relevant regulations.

On top of the (already super important) security factor, imagine a worker being able to add their certifications the got, the awards that they won, the boot camps they finished, or their work history & payment history into this ID.

This opens limitless opportunities. For example, as a freelancer, you can have your RiseID plugged into platforms like LinkedIn in the future so you may get more work opportunities.

And going further down the rabbit hole: Based on a worker’s RiseID (history, gains, etc.) credit options may become available, or their credit score might be increased, which brings a whole implication in the financial system - for buying a house or getting a mortgage for example.

So we could say it could be seen as an on-chain unique verifier for multiple purposes.

As you can see, the implications of having Rise as a partner go beyond “just getting paid”.

For both businesses and workers, it represents a cost-efficient, flexible, reliable payroll solution.

Case study:
A real-world solution by Rise

Helping InFlux Technologies scale their global team

In the fast-paced world of Web3, security and operational challenges are inevitable.

InFlux Technologies was born from a collective recognition of these issues, particularly those stemming from centralization, data privacy concerns, app deplatforming, and service outages.
A visionary group came together to tackle these problems head-on, creating a decentralized platform that prioritizes user empowerment and data security.

Starting with just three individuals, InFlux Technologies has grown into a thriving community of over fifty professionals. However, this growth came with a few obstacles…

InFlux faced significant challenges with payroll management, given their global team of contractors and employees. They needed a platform that could handle payments across various countries and integrate seamlessly with blockchain technologies.

Rise was a natural choice, offering a quick and easy setup while supporting diverse payment methods, including USDC deposits.
This flexibility has been crucial for InFlux, simplifying payroll processes and reducing reliance on traditional banking systems.

I’m not exaggerating when I say Rise has been instrumental in InFlux's growth, enabling them to hire new talent worldwide without worrying about payroll logistics.
By allowing deposits in USDC, Rise eliminates the headaches associated with traditional banking, making payroll simple and efficient. This streamlined approach has empowered InFlux to focus on their core mission of creating a decentralized, inclusive digital ecosystem.

And that’s only one example among many stories of success powered by Rise’s solutions.

Make sure to check their LinkedIn and X/Twitter to stay up-to-date with what they’re building. Also, make sure to explore their Crypto Payroll guides - so you are ready to start paying your global teams in USDC, USDT, and ETH.

The future of payroll with Rise

With everything said so far, I believe we can agree that more than a product, Rise is part of a vision for the future of work.

By embracing blockchain technology, Rise is setting a new standard for how companies manage payroll. The platform’s ability to integrate fiat and cryptocurrency payments, coupled with its emphasis on security and compliance, makes it an ideal solution for modern, global workforces.

So, looking ahead, we can set some benefits of having Rise as your partner:

Scalability and Adaptability

As companies continue to expand globally, the need for scalable and adaptable payroll solutions becomes more critical.

Rise’s platform is designed to grow with businesses, providing the flexibility needed to accommodate a diverse and dispersed workforce. Whether your company is a startup with a handful of employees or a multinational corporation with thousands, Rise offers the tools and capabilities to manage payroll effectively.

Empowering employees

One of the key benefits of Rise is its focus on employee empowerment.

By offering flexible payment options and ensuring timely compensation, Rise enhances employee satisfaction and retention.

The ability to choose how they receive their payments, whether in fiat or cryptocurrency, gives employees greater control over their finances and aligns with the growing trend toward financial personalization.

Consider an employee who prefers to receive part of their salary in cryptocurrency to invest in digital assets while using fiat currency for daily expenses. Rise enables such flexibility, allowing employees to customize their payment preferences to suit their financial goals.

This flexibility is not just a perk but a significant factor in attracting and retaining top talent in an increasingly competitive job market.

Driving innovation in Payroll

By leveraging blockchain technology, Rise is continually evolving to meet the needs of modern businesses.

This commitment to innovation ensures that Rise remains a leader in the payroll industry, providing cutting-edge solutions that drive efficiency and productivity.

For example, as blockchain technology continues to advance, Rise is integrating new features that enhance the security and transparency of payroll transactions. The use of decentralized finance (DeFi) protocols could further streamline payroll processes, offering even faster and more cost-effective solutions.

Additionally, the incorporation of artificial intelligence (AI) could automate even more aspects of payroll management, from compliance to fraud detection.

In conclusion, Rise represents a significant advancement in payroll management. The platform addresses the challenges of traditional payroll systems by offering a secure, compliant, and flexible solution that integrates both fiat and cryptocurrency payments.

As the workforce continues to evolve, platforms like Rise are essential for companies looking to stay competitive and meet the needs of their employees.

By adopting Rise, businesses can streamline their payroll processes, reduce costs, and provide their employees with the flexibility and speed they need in an increasingly globalized world.

See you soon.

#LFGrow
Diego Borgo