LaborX makes it much easier to pay Freelancers in Crypto
Since the beginning of purchasing crypto, there was a lengthy process that could be subjected to unnecessary fees. This involved depositing funds at an exchange, then purchasing the desired cryptocurrency, then sending to the platform of your choice just to send again for what you wish to pay for. This equated to fees that did not seem necessary for what you were trying to do in the first place. Many have seen this issue and come into the age of DEFI (Decentralised finance) which makes it much simpler.
Yet some have not kept up with this and still hold the traditional way to pay for things in cryptocurrencies.
First, the feature that links your wallet
In an update from LaborX, it has been seen that there is a new feature that will link your MetaMask wallet to your LaborX account. For those new to the industry, MetaMask is a wallet that stores all your Ethereum based tokens and has a handy browser plugin along with a mobile app.
Metamask is also one of the leading wallets to store Ethereum based tokens with over a million users. This is an important component to make paying Freelancers that much easier.
With LaborX release v1.6.0 you can:
Add or remove a MetaMask wallet from your account
Select MetaMask as your default wallet, instead of the built-in LaborX wallet, making and receiving payments from your MetaMask address.
You can even connect to Binance Smart Chain, enabling new options for Binance token payments
So it is easy to see the lead-up to companies being able to utilize Freelancers across the globe and users of the platform to not have to transfer to the built-in LaborX wallet, which added to an extra step.
The Feature that makes it all possible
With the MetaMask integration and in the latest release (v1.6.1), there is now another handy tool added that allows you to purchase cryptocurrencies straight to your wallet, without the need for exchanges. At this point, it is called, “Funding your wallet.” Which enables you to have then pay for a freelancer’s services.
Transak is a Fiat on/off ramp that utilizes the latest technologies to allow users to buy cryptocurrencies. They also accept a wide range of currencies and supported countries making it easier to build upon the borderless nature of Blockchain.
Transak, also has the appropriate KYC and AML policies that make them compliant in many countries for their services.
Now companies can pay Freelancers easier in cryptocurrencies with the two new additions to the LaborX platform, they have made it much simpler for companies to utilize freelancers and pay them in cryptocurrencies.
With blockchain technology, it has developed a borderless nature with more instant payment methods than traditional systems which allows freelancers to be remitted in crypto much quicker than the norm.
For a company or even personal, the user looking for a freelancer on the LaborX platform only has to signup/login and link their MetaMask wallet to their profile. Once this is done all they have to do is ensure that the right amount is in their wallet (If not enough it can be topped up via. Transak) and then they can start using their services.
Quite simple and straightforward from start to finish. The only lengthy time foreseeable is finding the right freelancer to complete the task given. However, that is a good thing. LaborX is here with its reputation module and Gigs page that allows Freelancers to advertise their skills or you can post a job for them to apply for.
Upon being asked, Sergei Sergienko had this to say:
“Making access to freelancers is one of our top priorities, this includes regions where freelancers are not as accessible or have difficulty in accepting and being paid by traditional platforms. This can be in the form of geo-restrictions implemented. It restricts the global talent pool by doing this.
One factor is the remittance side where not all currencies are available, Crypto resolves this issue. However, we needed to allow clients to be able to obtain Crypto easier and we have done this by adding MetaMask and Transak functions to our platform.”
The ever-growing freelancer platform
LaborX is becoming well known to the freelancer community due to its simplicity and borderless nature allowing anyone around the world to apply, list jobs, and then be paid instantly without waiting for timely international payments.
Kudos to LaborX for liberating freelancers around the world.