Originally aired on July 7, 2023
Megan Knab, the CEO of Franklin Payroll, discusses how her company solves the problem of managing payroll for web3 companies. Franklin allows businesses to process payroll in both USD and cryptocurrency, offering a mix of both options. Knab shares her personal experience as a CFO, which led her to start Franklin, and highlights the challenges faced by web3 companies in handling multi-currency payroll. She also explains the various profiles of ideal customers for Franklin, including web3 startups, web3 consulting firms, and companies looking to utilize crypto as an employee benefit. Knab touches on the future of payroll, including the potential for regulated stablecoins, the role of DAOs, and the transformation of work in a web3 economy.
The Problem Franklin Solves
- Franklin allows businesses to process payroll in both USD and cryptocurrency, offering a mix of both options.
- It solves the challenge of managing multi-currency payroll for web3 companies, which typically operate globally and have workers in different jurisdictions.
- The traditional payroll systems are not able to accommodate crypto payments in a compliant manner, making it difficult for web3 companies to pay their employees.
The Ideal Customer Profile for Franklin
- Web3 startups and consulting firms that are already operating natively on the blockchain and looking for a compliant payroll solution.
- Web2 companies that accept stable coins as payment and want to incorporate them into their compensation packages.
- Companies with workers based in the US who prefer to receive a USD paycheck but also want the option to receive their bonuses or token distributions in crypto.
The Future of Payroll and Web3
- The use of regulated stable coins is likely to be the future of payroll, especially for inter-bank settlements.
- The adoption of DAOs and crypto-native companies opens up new possibilities for payroll management and compensation packages.
- The integration of privacy technology is essential in payroll systems to maintain confidentiality and protect sensitive employee information.