Billionaire venture capital investor Tim Draper is also a noted Bitcoin (BTC) advocate.
In fact, he was among the first billionaires to buy Bitcoin. He spent $19 million to buy 30,000 BTC when the U.S. Marshals Service auctioned the cryptocurrency seized from Silk Road in 2014.
Draper is also well-known for his investments in popular crypto companies like Coinbase (Nasdaq: COIN) and Robinhood Markets (Nasdaq: HOOD) and other tech giants like Tesla (Nasdaq: TSLA).
Related: Billionaire Tim Draper predicts only one asset will rule retail
His firm Draper Associates has also invested in Rise, a hybrid payroll and compliance platform, which he hailed for hitting the payroll milestone of $1 billion, including in Bitcoin.
Rise not only enables businesses to hire talent, it also helps them pay global teams across more than 190 countries in both fiat currency and cryptocurrency, including stablecoins like Circle’s (NYSE: CRCL) USDC and Tether’s USDT.
Rise identified the openness of a Web3-native global workforce to receive payments in cryptocurrency and the challenge faced by companies in paying a workforce spread across the globe and bridged the gap with its unique hybrid payroll model.
The innovative payment service helped Rain hit the $500 million milestone earlier this year and the $1 billion milestone nine months later, Draper praised the company on X on Dec. 26.
Today, work is global and talent is spread across the globe. Yet, the payment systems are still stuck in the past, he said.
“Doubling your lifetime volume in 9 months doesn’t happen unless you’re solving a real pain point.”
Draper pointed to the direction in which global work is heading and how innovative crypto-focused payment companies like Rise, tailored to the demands of a diversified workforce, could capitalize on the transition.
Bitcoin was exchanging hands at $87,606.06 at the time of writing.
