Thumzup to Use Bitcoin for Payments to Gig Economy Workers

Rhea-AI Summary

Thumzup Media (Nasdaq: TZUP) announced plans to offer Bitcoin payments to its gig economy workers through its Account Specialist Program (ASP) starting January 2025. The company, which currently allows businesses to pay customers for social media posts via Venmo and PayPal, will integrate cryptocurrency payments through Coinbase's platform. This initiative aims to provide workers with faster transactions, lower fees, and enhanced financial privacy while maintaining traditional bank payment options.

Positive

• Introduction of Bitcoin payment option expands payment flexibility for workers
• Partnership with established platform Coinbase reduces implementation risks
• Potential for reduced transaction fees through cryptocurrency payments

Negative

• Cryptocurrency payment implementation may increase operational complexity
• Exposure to Bitcoin price volatility could affect worker compensation value

Insights

Financial Technology Analyst

The planned Bitcoin payment integration for gig workers represents a strategic but market impact given Thumzup's small market cap of $33.9M. While cryptocurrency adoption could reduce transaction costs and appeal to tech-savvy workers, the actual financial benefit remains speculative. The January 2025 implementation timeline suggests no immediate revenue impact and the optional nature of Bitcoin payments means traditional payment methods will still dominate.

The move primarily serves as a marketing initiative to position Thumzup as innovative in the gig economy space. However, cryptocurrency's price volatility could create earnings uncertainty for workers and accounting complexities for the company. Without details on expected adoption rates or cost savings, this appears more of a strategic positioning rather than a material financial catalyst.

• Through established platforms like Coinbase embracing cryptocurrency payouts, Thumzup plans to soon offer its gig workers the option of digital currency payments
  

Los Angeles, CA, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Thumzup Media Corporation ("Thumzup" or the "Company") (Nasdaq: TZUP), a leading provider of innovative social media branding and marketing solutions that allows businesses and brands to pay customers and fans cash through Venmo and PayPal for their posts on social media, today announced it will soon offer payments in Bitcoin to its gig economy workforce through its recently launched Account Specialist Program (ASP).

This move reflects Thumzup’s commitment to innovative compensation solutions and its recognition of the growing demand for cryptocurrency payments among gig workers.

Leveraging established platforms like Coinbase, Thumzup will seamlessly integrate Bitcoin payments into its existing payout system. This provides members of its ASP greater financial flexibility and control over their earnings.

“We're thrilled to empower the gig economy with the option of Bitcoin payments, especially in tech-forward areas like Los Angeles and South Florida,” said Robert Steele, Thumzup CEO. “This initiative offers them faster transactions, lower fees, and more financial privacy. Plus, with Bitcoin's growing acceptance, they can easily use their earnings for daily expenses or as a potential investment.”

Members of Thumzup’s Account Specialist Program can start receiving digital currency payments starting January 2025. Traditional bank payments will remain available for those who prefer them.

The Thumzup app is available for download on the App Store and Google Play.

About Thumzup^®

Thumzup Media Corporation (Thumzup) is democratizing the multi-billion dollar social media branding and marketing industry. Its flagship product, the Thumzup platform, utilizes a robust programmatic advertiser dashboard coupled with a consumer-facing App to enable individuals to get paid cash for posting about participating advertisers on major social media outlets through the Thumzup App. The easy-to-use dashboard allows advertisers to programmatically customize their campaigns. Cash payments are made to App users/creators through PayPal and Venmo.

Thumzup was featured on CBS Los Angeles and in KTLA.

Legal Disclaimer

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements about its potential growth, impacts on the advertising industry, plans for potential uplisting, and planned expansion. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results may differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in our filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Contact Info
investors@thumzupmedia.com
800-403-6150

Media Contact
Jessica Starman
media@thumzupmedia.com

Attachment

• Thumzup Media Corporation

FAQ

When will Thumzup (TZUP) start offering Bitcoin payments to workers?

Thumzup will begin offering Bitcoin payments to Account Specialist Program members in January 2025.

Which payment platforms will Thumzup (TZUP) use for Bitcoin transactions?

Thumzup will use Coinbase's platform to facilitate Bitcoin payments to workers.

Will Thumzup (TZUP) eliminate traditional payment methods after implementing Bitcoin?

No, traditional bank payments will remain available for workers who prefer them.