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Dutch Domino's Pizza chain offers part of salary in Bitcoin

The company can only pay a part of the salary in Bitcoin as Dutch law mandates the minimum wage to be given in euros.

May 24, 2021 / 01:13 PM IST
On May 22, 2010, software developer Laszlo Hanyecz  paid 10,000 Bitcoins for two pizzas.

On May 22, 2010, software developer Laszlo Hanyecz paid 10,000 Bitcoins for two pizzas.

Immensus Group, a franchise partner of Domino's Pizza in the Netherlands is now offering Bitcoin as part of salary to its employees. The company says that it is doing so to get its employees who are mostly school-going to get "familiar with the financial world," The Block reported.

As more people are hopping on the cryptocurrency bandwagon, co-owner of Immensus Jonathan Gurevich said that the move will also help the company in retaining and attracting more people to join the company.

The announcement was made on May 22 to mark 'Bitcoin Pizza Day.' Eleven years ago in 2010 on the same day, a developer named Laszlo Hanyecz had bought two Papa Jones pizza using 10,000 bitcoins, making him the first person to use Bitcoin for a commercial transaction. Today, these bitcoins are worth nearly $311 million.

The company can only pay a part of the salary in Bitcoin as Dutch law mandates the minimum wage to be given in euros. Reportedly, the employees have an option to receive the salary above their minimum wage in Bitcoin. Nearly 1000 employees will have an option to receive Bitcoin.

"Part of these people work for us (16 Domino's Pizza stores and some restaurants), and part of these people work for our payroll companies," Gurevich told the publication.

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According to the report, the company has partnered with Dutch crypto broker BTC Direct that will convert euros into bitcoin for Immensus's employees. The transaction cost will be borne by Immensus.

"For someone who works like 9 hours per week, they will be able to put at least put €5 per month into bitcoin," Gurevich told The Block. "On average, people would be able to put €5 to €250 in bitcoin from their salaries," he said.
Moneycontrol News
first published: May 24, 2021 01:13 pm

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