Use Suberra Pay for your Corporate Treasury and Payroll Management
Setting up Payroll for Cryptocurrency
With the rise of DAOs and asynchronous startups/companies, arcane remuneration via fiat or cash has to be updated. It is increasingly common for remuneration to be paid in cryptocurrency, be it BTC, ETH, stables or even the DAO’s own token.
There are even companies who offer the option for employees to lock in a portion of their annual salary for BTC at current spot price, with the company paying out the appropriate amount of BTC as part of monthly salary. This innovative remuneration structure allows employees to utilise future cash flow for high conviction plays and for companies, better retention rate as employees have to stay on to realise their paper gains.
Indeed, the rise of the blockchain as a viable settlement layer has opened up the canvas in terms of how remuneration can be structured and transferred. Employees will only need to set up a wallet address to receive their remuneration regardless of where they are in the world, without the need for traditional banking access.
At Suberra, we walk the talk by providing our team members the option to receive their salary in stablecoins. This allows team members better access to UST liquidity without having to go through on-ramps which may not be readily available everywhere. However, this arrangement wouldn’t make sense if the process isn’t automated. Previously, the finance department has to manually check, verify, approve and send the stablecoins each month. it is even more of a hassle if the payment intervals are weekly. In comes Suberra Pay.
Suberra Pay
Optimize your treasury through Suberra Pay, a smart recurring payment feature fully automated that lets you earn yield as well. By moving your corporate treasury to Suberra, you get instant access to better yields, powered by Anchor Protocol. For example, our SUBWallet is generating 710 UST per month simply by having funds earmarked for salary deposited.
Treasury administrators do not have to do the cumbersome work of withdrawing from Anchor when salaries are due, saving gas and valuable time.
To set up the Pay transfers, simply refer to the guide here.
Once all the Pay transfers are set up, you should see a summarized list of outgoing payments on your dashboard. The UI is intuitive with all the necessary information presented clearly. Suberra bots will work under the hood to ensure payments are made timely and accurately at each fixed frequency interval until the designated end date, or until your wallet balance runs out.
Recipients of the recurring payment can view and verify incoming payments through their SUBWallet. This is particularly useful for asynchronous employees who are paid per project or set duration to see the payment commitment from their employers.
Future Roadmap
The first iteration of Suberra Pay is a promising start to automating mundane recurring payments, allowing you to focus on what matters the most.
Future roadmap may include:
- Dollar-cost averaging into your favorite Terra coin
- Recurring transfer to your favorite crypto debit card/ exchange
- Multi-chain support
- Hermes Protocol Integration for alerts on chain
- Dynamic yield bearing <Redacted>
Our team is constantly looking for ways to improve the Pay feature. If you have any additional requirements/ improvements to suggest, tell us here!
FAQ
- I transferred x amount of UST from my SUBWallet through Suberra to another Terra EOA address — why does it appear as aUST?
When a user deposits UST into SUBWallet (which is a smart contract wallet), Suberra automatically deposits the funds into Anchor in exchange for aUST, allowing the user to earn yield while still having the ability to spend and transfer without the extra step of withdrawing from Anchor manually.
The current iteration of Suberra Pay entails moving aUST between wallets, and this means the receiver still receives yield without having to redeposit into Suberra or Anchor. We are working on allowing users the option to transfer UST instead.
2. I’ve made a Pay transfer but need to edit the amount and frequency, how may I do so?
Due to the immutable nature of the blockchain, editing of transactions that have already been posted on chain is not possible. You will have to delete the transaction and resubmit a new recurring payment transfer.
3. I want to fund my crypto debit card and my CEX account with my Anchor yield, can I do so with Suberra Pay?
This is currently not possible, but the team is working hard to making this a reality. It would be a dream to fund daily expenses with DeFi yields.
