Cornerstone Global Management, Inc. acquires Paydrop in historic merger of workplace-focused Cryptocurrency platforms
Powerhouse platform will greatly expand access and availability for all employees and GIG workers to unlock the power of cryptocurrency payments.
BRENTWOOD, TENNESSEE – Cornerstone Global Management, Inc. (www.cornerstoneglobalmgt.com), a fintech company that transforms payroll into Bitcoin, Litecoin, Ethereum, or stablecoins through its pay conversion platform, Hedge (www.gethedge.io) announced today its acquisition of Paydrop (www.paydrop.com) via cash and stock swap. Paydrop provides an array of financial and payment services for small businesses, single-member enterprises, and freelance workers. Paydrop’s senior leadership team will join Cornerstone, integrating exciting new features into the already dynamic platform. Paydrop’s exceptional talent will also help Cornerstone exponentially scale as it prepares for significant growth in the coming quarters.
Cornerstone’s conversion engine, Hedge, empowers employers and employees to seamlessly convert a customizable portion of their payroll compensation into crypto and securely deposit it into the wallets of their choosing. By acquiring Paydrop, Cornerstone will provide payroll conversion services for any independent contractor, GIG economy worker, and non-traditional income-earning employee within the United States.
The new Hedge platform is employer-agnostic. Organizations with thousands of employees can offer Hedge as an employee benefit, while self-employed freelancers can benefit from Hedge’s intuitive platform just as easily.
Compensation is paid from employer to employee in government-backed currency so neither side incurs a separate taxable event at the original point of compensation. Both corporate and self-employed Hedgers appreciate that Hedge is fully compliant with state and federal laws and is 100 percent free to companies to use as an additional way in which to pay their employees.
This merger will make Hedge a full-service payment platform and allow Hedgers to move beyond payroll to send and receive blended payments in fiat and/or crypto for all transactions.
Litecoin Founder, Crypto Giant and Cornerstone Founding Advisor Charlie Lee helped initiate the acquisition and partnership between Cornerstone and Paydrop. According to Lee, the partnership between these two platforms is a marriage made in heaven. “Knowing the services and teams behind both Hedge and Paydrop, recommending the two work closer together seemed natural,” said Mr. Lee. “Cornerstone acquiring Paydrop is a smart move for both parties and will open up even more opportunities once Paydrop is connected to Hedge’s pay conversion engine.”
“Acquiring Paydrop just seemed like a no-brainer for both parties and will open up even more opportunities once Paydrop is connected to Hedge’s pay conversion engine,” said Hedge founder David Schwartz. “Hedge is a convenient, frictionless way for virtually anyone to join the movement for monetary freedom.”
“The combination of Hedge’s conversion of W-2 and other income along with Paydrop’s 1099 payment capability will bring greater support to anyone who wants to be paid in Bitcoin, Litecoin, crypto, or stablecoins,” said Paydrop’s former CEO Steven McClurg, who will now also serve as key Cornerstone advisor and board member. “We are excited for what is to come, and I look forward to working with old and new friends as a director of Cornerstone.”
Cryptocurrency is one of the most dynamic sectors in the world, with a global market cap of over $1.7 trillion and growth projected as high as $30 trillion by 2027. With the recent Paydrop acquisition, Cornerstone is now poised to be a major player in the crypto payments industry, as more people than ever are looking for a safe, convenient way to enter the digital asset class.
“Cornerstone is a game-changer,” said Economist Larry Hunter, a Ph.D. with over 30 years of experience advising corporations and Washington policymakers. “Crypto as income will be a stabilizing force in the crypto economy. The combination of Hedge and Paydrop lowers the barrier of entry into the crypto markets and empowers the individual to develop a diversified crypto portfolio.”
Hedge as an income conversion platform is available now! Interested parties can sign up and start taking advantage of dollar-cost averaging into cryptocurrencies today at gethedge.io. Until Paydrop and Hedge integrate, Paydrop will continue to operate in its current beta format. You can paydrop.com to sign up and learn more!