NYSE-Listed AI Company Taps Lightning Network to Pay Employees In Bitcoin

Bitcoin Magazine

NYSE-Listed AI Company Taps Lightning Network to Pay Employees In Bitcoin

Publicly traded AI operating system Vida Global (NYSE American: VIDA) has said it has started paying employees in Bitcoin using the Lightning network — but in a way where the company does not have the leading crypto on its balance sheet. 

The Austin, Texas-based company said Thursday that after a worker in Argentina asked to be paid in Bitcoin, the firm tapped Bitcoin infrastructure company Voltage to make the transaction. 

But the company is not keeping Bitcoin on its books: it simply sends the cash amount via Voltage’s platform, the employees receive payment in Bitcoin, and Vida’s balance sheet remains in dollars. 

“Vida has a global team, including team members in Argentina who prefer to be paid in Bitcoin because of challenges with their local currency,” Vida CEO Lyle Pratt said. 

“Voltage facilitates the Bitcoin payments, and we settle the balance in U.S. dollars at the end of the month, just like a standard vendor invoice. It has made offering Bitcoin payments remarkably simple for both our team and our finance operations.”

Pratt added the setup meets employee needs without adding crypto complexity to accounting.

Voltage CEO Graham Krizek said it was solving a mismatch between “global by default” AI companies and payment rails that haven’t kept up.

“Their team members get paid in seconds in the money they actually want, and their finance team never touches crypto,” he said. “When a public company runs part of its team compensation on Bitcoin rails and the books stay boring, that’s the point.”

Lightning is another network that skirts transactions around the main chain, cutting costs and increasing speed — originally designed so people could use Bitcoin for daily purchases.

Bitcoin maxis like Twitter co-founder Jack Dorsey have since integrated the network into their businesses, payments platform, Cash App and his PoS terminals, Square.

This post NYSE-Listed AI Company Taps Lightning Network to Pay Employees In Bitcoin first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.