Study commissioned by Zero Hash, in partnership with Lightspark, finds freelancers frustrated with traditional payments
Survey of 2,500 freelancers and contractors from across the world found that 93% of global freelancers want to receive a portion of their income in crypto or stablecoins
CHICAGO, June 11, 2024 (GLOBE NEWSWIRE) — Zero Hash, the leading global crypto and stablecoin infrastructure provider, commissioned a study in partnership with Lightspark, surveying 2,500 freelancers and contractors* (from the US, Brazil, Argentina, Mexico and UAE).
The survey findings reveal that freelancers across the globe face slow payments, high fees, and challenges from currency volatility. Many also struggle with payment delays, with 48% reporting it takes too long to get paid and 75% desiring payment within 24 hours. Moreover, 49% feel the fees charged by payment platforms are too high, and 30% cite currency volatility as an issue.
Cryptocurrencies and stablecoins emerge as viable solutions to these challenges. A significant 93% of freelancers express interest in receiving at least a portion of their income in cryptocurrency or stablecoins.
Key highlights from the study include:
- Freelancers and gig workers are frustrated with traditional payments: 58% of global freelancers and gig workers said the current local banking and payment systems don’t work for them.
- Significant loss of opportunity with currency complexities: Globally 65% of freelancers say that they have lost money or left money on the table because they couldn’t accept work across borders due to a non-compatible currency that could not be easily exchanged. 69% agree or strongly agree that receiving crypto or stablecoin payouts would allow them to work with clients globally.
- Freelancers worldwide demand crypto and stablecoin payouts: 93% of global freelancers want to receive a portion of their income in crypto or stablecoins.
- Stablecoins as the new preference for freelancer pay: Almost two thirds of freelancers would choose stablecoin payouts over their local currency and 80% or more would prefer stablecoin payouts in Argentina and UAE.
- Freelancers demand crypto and stablecoin payment options: 81% of freelancers said they would prefer or at least have the option to pay for their subscription services such as Netflix, Spotify, and ExpressVPN, using crypto or stablecoins as the payment method.
As the freelance and gig economy continues to evolve, the adoption of cryptocurrencies and stablecoins presents an opportunity to address the challenges faced by freelancers and gig workers, fostering a more inclusive, efficient ecosystem for this growing workforce and unlocking global GDP.
Edward Woodford, Founder and CEO of Zero Hash, commented, “We have long held the belief that fiat, crypto and stables cannot individually solve all of the world’s payment’s requirements by themselves. We believe Zero Hash will play a pivotal role in the future of payments with our ability to connect fiat, crypto and stables in one unified platform. This will enable freelancers and gig workers to move seamlessly between these rails for different use cases and needs”
Christian Catalini, Co-Founder and Chief Strategy Officer at Lightspark, says, “We live in an increasingly connected world, but our payment infrastructure has not kept pace with the requirements that entrepreneurial and hard-working freelancers are looking for today. This survey shows that change is wanted and needed – we are pleased to be working with Zero Hash to provide solutions for their customers, and freelancers, everywhere!”
Read the report: “Freelancer Freedom: Enabling payments for the modern workforce
Why and how crypto and stablecoins can solve traditional payment challenges”
Visit: https://zerohash.com/wp-content/uploads/2024/06/ZH233-Freelancers-Survey-Report-AW.pd
*About the survey:
Zero Hash, in partnership with Lightspark, leveraged Centiment (the survey platform trusted by Fortune 100 companies) to survey 2,500 freelancers and gig workers in the US, Brazil, Argentina, Mexico and UAE. The survey participants comprised 500 freelancers & gig workers across each jurisdiction.
The majority of participants were full-time self-employed 66%, and 34% were part-time self-employed.
65% knew about cryptocurrencies, and 42% used freelance/gig platforms like Fiverr, Upwork, or Catch for at least 50% of their sourced work.
About Zero Hash
Zero Hash is a B2B2C crypto-as-a-service infrastructure platform that allows any platform to embed digital assets natively into their own customer experience quickly and easily through a matter of API endpoints. Zero Hash’s turnkey solution handles the entire backend complexity and regulatory licensing required to offer crypto products.
Zero Hash Holdings, through its subsidiaries, powers neo-banks, broker-dealers, payment groups as well as non-financial brands to offer crypto and stablecoin powered products.
Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.
Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 US jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.
Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001. This registration enables Zero Hash to offer its crypto services in Australia. Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP) number FSP1004503. A FSP in New Zealand is a registration and does not mean that Zero Hash Australia Pty Ltd. is licensed by a New Zealand regulator to provide crypto services. Zero Hash Australia Pty Ltd.’s registration on the New Zealand register of financial service providers does not mean that Zero Hash Australia is subject to active regulation or oversight by a New Zealand regulator. Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) registration by the Dutch Central Bank (Relation number: R193684). Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).
About Lightspark
Lightspark is the easiest, low-cost, most reliable, enterprise-grade way to send and receive payments globally, enabling money to move just like bits and bytes do on the Internet. We’re delivering open payments for the Internet at scale, using the Lightning Network.
We aim to help businesses around the world benefit from real time payments and build amazing new experiences for themselves and their customers. We’re laser-focused on solving real problems for our customers with best-in-class innovative software solutions and designs.
Connect with Zero Hash
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Zero Hash Contact
Shaun O’keeffe
(855) 744-7333
Zero Hash Disclosures
Zero Hash services and product offerings may not be available in all jurisdictions. Zero Hash accounts are not subject to FDIC or SIPC protections, or any such equivalent protections that may exist outside of the US. Zero Hash’s technical support and enablement of any asset is not an endorsement of such asset and is not a recommendation to buy, sell, or hold any crypto asset. The value of any cryptocurrency, including digital assets pegged to fiat currency, commodities, or any other asset, may go to zero. Zero Hash is not registered with the SEC or FINRA. Zero Hash does not provide any securities services and is not a custodian of securities, including security tokens, on behalf of customers.
