Vida Global, an AI operating system company listed on NYSE American under the ticker VIDA, said it has started paying employees in Bitcoin over the Lightning Network without carrying Bitcoin on its balance sheet.
The Austin, Texas-based company said Thursday that the arrangement began after an employee in Argentina asked to receive pay in Bitcoin. Vida then used Bitcoin infrastructure company Voltage to process the payment.
The company said it does not keep Bitcoin on its books. Instead, it sends the cash amount through Voltage’s platform, employees receive payment in Bitcoin, and Vida’s balance sheet stays denominated in dollars.
Argentina request led to the setup
CEO Lyle Pratt said Vida has a global team, including employees in Argentina who prefer to be paid in Bitcoin because of challenges tied to their local currency.
“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 said.
He added that the structure meets employee demand without introducing crypto-related complexity into the company’s accounting.
Voltage says finance teams can stay out of crypto
Voltage CEO Graham Krizek said the company was addressing a mismatch between AI companies that are global by default and payment rails that have not kept pace.
“Their team members get paid in seconds in the money they actually want, and their finance team never touches crypto,” Krizek said.
He added: “When a public company runs part of its team compensation on Bitcoin rails and the books stay boring, that’s the point.”
Lightning’s role in Bitcoin payments
Bitcoin Magazine described the Lightning Network as a network that routes transactions away from the main Bitcoin chain to lower costs and increase speed. It was originally designed to make Bitcoin usable for everyday purchases.
The report noted that prominent Bitcoin supporters have integrated Lightning into their businesses. It cited Twitter co-founder Jack Dorsey, whose companies have used the network in Cash App and Square point-of-sale terminals.
The story first appeared in Bitcoin Magazine and was written by Mathew Di Salvo.