Earlier this week, Vantage Bank Texas made headlines with its new Bitcoin payment option for employees. Vantage Bank’s Chief Human Resources Officer, Eric Thompson, explained how the Bitcoin Savings Plan was conceived. It’s a new program they’ve started, and they asked if we would be interested in participating.”
As part of the new payment options, NYDIG offers employees a simple on-ramp to investing in Bitcoin with its Bitcoin Savings Plan. The concept converts a percentage of an employee’s wages into Bitcoin, which is then stored on a platform that complies with the strictest security and regulatory standards. In a poll conducted by NYDIG in 2022, more than one-third of employees aged 18 to 29 expressed an interest in earning a portion of their wage in Bitcoin.
Bitcoin payment option for employees
Laredo Vantage Bank, situated in Texas, is attempting to move away from traditional savings plans by introducing a new chance for employees to participate in a Bitcoin savings plan with the company. The Bitcoin Savings Plan from NYDIG is a new program that aims to make Bitcoin investing as simple as possible.
💥BREAKING: Texas bank Laredo to offer salary payments in #Bitcoin as part of staff savings plans.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) April 5, 2022
The Bitcoin Savings Plan allows willing bank workers to automatically convert a portion of their salary to Bitcoin. After that, the Bitcoin is stored on NYDIG’s institutional-grade custody infrastructure.
NYDIG’s Bitcoin Savings Plan, one of the new payment choices, provides a straightforward on-ramp for employees to invest in Bitcoin. The proposal converts a portion of employees’ paychecks into Bitcoin, which is then stored on an institution-grade custody platform that meets the most stringent security and regulatory requirements.
According to the bank, the technology is more popular among younger employees. In a poll performed by NYDIG in 2022, more than one-third of employees aged 18 to 29 showed interest in earning a percentage of their pay in Bitcoin.
“We are excited to be a part of a lot of organizations across the country who are offering this program,” Thompson said, describing the program’s advantages for companies. “Attracting and maintaining great personnel has been especially difficult during this ‘Great Resignation.’ Vantage Bank Texas is an employer of choice for existing and potential workers because we focus on our people and the perks we provide.”
Although the Bitcoin Savings Plan is novel and intriguing, the bank will continue to provide standard savings plans. Investing in Bitcoin isn’t the only option.
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Also read: Mastercard has filed 15 trademark applications for crypto-related services
