Cornerstone Global Management Inc. – a company that transfers payroll into cryptocurrencies such as bitcoin, Ethereum, and Litecoin and allows employees to get paid in digital assets – has acquired a firm known as Pay Drop, which provides financial and payment services to freelance workers and small businesses.
Cornerstone Global and Pay Drop Join Hands for Crypto’s Sake
Charlie Lee – the founder of Litecoin – helped to coordinate the acquisition. He stated in an interview that the match was “made in heaven,” and that both firms will be able to complement each other and push the crypto space even further. He stated:
Knowing the services and teams behind both Hedge and Pay Drop and recommending they both work closer together seemed natural. Cornerstone acquiring Pay Drop is a smart move for both parties and will open even more opportunities once Pay Drop is connected to Hedge’s pay conversion engine.
The senior leaders of Pay Drop will join those of Cornerstone on a joint board to bring new features and services to customers of both enterprises. Cornerstone believes it’s headed for serious growth in the coming months thanks to Pay Drop’s help. The company’s conversion engine – known as Hedge – will convert people’s compensation into crypto units that will then be deposited into wallets they choose.
In a statement, Hedge founder David Schwartz said:
Acquiring Pay Drop just seemed like a no brainer for both parties and will open even more opportunities once Pay Drop is connected to Hedge’s pay conversion engine. Hedge is a convenient, frictionless way for virtually anyone to join the movement for monetary freedom.
Pay Drop’s former CEO Steven McClurg also threw his two cents into the ring, commenting:
The combination of Hedge’s conversion of W-2 and other income along with Pay Drop’s 1099 payment capability will bring greater support to anyone who wants to be paid in bitcoin, Litecoin, crypto, or stable coins. We are excited for what is to come, and I look forward to working with old and new friends as a director of Cornerstone.
Finally, Larry Hunter – an economist in Washington – mentioned:
Cornerstone is a game changer. Crypto as income will be a stabilizing force in the crypto economy. The combination of Hedge and Pay Drop lowers the barrier of entry into the crypto markets and empowers the individual to develop a diversified crypto portfolio.
Anyone Can Gain Access to Crypto
Hedge will be used with no specific employees in mind, and its services are available to virtually anyone. The program can be offered as a worker benefit, while self-employed freelancers or those with their own business that have fewer rules to abide by can utilize the firm to create crypto portfolios for themselves using whatever profits they earn from their work.
Cryptocurrency continues to grow and is expected to reach a global market cap exceeding $30 trillion by the year 2027.