On Tuesday (February 1), Bitcoin company NYDIG announced “the launch of a Bitcoin Savings Plan to let employees of leading companies get #PaidInBitcoin.”
NYDIG is “a subsidiary of Stone Ridge, a holding company that has led the creation of forward-thinking firms across the worlds of technology and finance, including a $12B+ alternatives asset manager.” It provides “Bitcoin products across industries, from banking and insurance to fintech and nonprofits.”
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According to NYDIG’s press release, a Bitcoin Savings Plan is “an exciting employee benefit program that allows an employee to convert a portion of their paycheck to bitcoin,” with the BTC “held on the same secure, regulated NYDIG platform used today by some of the largest banks and companies in the world.”
Apparently, companies owned by former NFL quarterback Drew Brees will be offering this optional benefit to their employees. Also, some of the companies Brees is involved with — such as Everbowl — will be doing the same.
Brees had this to say:
“For a long time, bitcoin was pretty intimidating for me. The more I have immersed myself in the understanding of money, long-term value, and the history of finance, the importance of bitcoin became apparent.
“That’s why I am using NYDIG, a trusted leader in bitcoin, to allocate a portion of my salary to BTC every payday, and why I am excited for the businesses I’m involved with to make this an option for their employees as well.
“In its 13-year history, Bitcoin has been an inclusive vehicle for wealth creation, and a Bitcoin Savings Plan is one of the easiest ways to start saving.“
Fertitta Entertainment Inc. is a conglomerate that holds several businesses owned by Tilman Fertitta, such as Landry’s, Inc. and the (NBA franchise) Houston Rockets. Fertitta Entertainment will be offering the Bitcoin Savings Plan to the employees of both of these companies.
Tilman Fertitta, who is the owner and CEO of Fertitta Entertainment, stated:
“Offering cutting edge benefits, like a Bitcoin Savings Plan, helps ensure that we are appealing to the new generation entering the workforce and allows us to attract and retain some of the best talent in the industry. Embracing and quickly implementing impactful changes like this has always been one of our secrets to success.“
NYDIG went on to say:
“For the first time, employers can leverage the power of bitcoin to help recruit and retain the best employees with an innovative perk alongside established benefits such as 401(k)s. Employees choose what percentage of their pay they would like to auto-convert to bitcoin, and NYDIG’s platform makes the rest seamless. Bitcoin traded and held by employees as part of this benefit does not incur any transaction or storage fees and is stored in NYDIG’s industry-leading, 100% cold storage system–known as the safest way to hold bitcoin.“
Some other American companies that will be launching a Bitcoin Savings Plan are Q2, MVB Bank, Vantage Bank, FullStack, Iris Energy, THE TIE, and Burrow. Also, NYDIG will be making this benefit available to its own employees.
Patrick Sells, Chief Innovation Officer of NYDIG, said:
“We know how hard it is for companies to attract top-notch talent. That’s never been truer than it is today. A NYDIG Bitcoin Savings Plan is an easy-to-adopt benefit that can help employers stand out from the pack while providing their employees with a critical tool for protecting their financial futures. We’re thrilled that Drew and so many other forward-thinking owners and businesses are helping their employees get #PaidInBitcoin.“
On January 25, Flushing Financial Corporation (Nasdaq: FFIC), which is the parent holding company for Flushing Bank, a 92-year-old American commercial bank with around $8 billion in total assets (as of 31 December 2020), announced via a press release that that it had entered into an agreement with Bitcoin company NYDIG in order to launch Bitcoin services for its customers in the first quarter of this year.
Per the bank’s press release, John Buran, President and CEO of the bank, had this to say:
“As part of our ongoing digital transformation, we recognize the importance of staying current with emerging market trends and consumer demand for alternate financial services. Using NYDIG’s innovative technology to provide seamless access through our relationship with Q2, our online banking provider, we will be able to offer our customers the ability to buy, sell, and hold bitcoin. This partnership provides our customers with a fully integrated solution to conduct bitcoin transactions in a safe and secure environment.“
And Patrick Sells, chief innovation officer at NYDIG, stated:
“On behalf of NYDIG, I’m excited to welcome Flushing Bank and its customers to the bitcoin network. Consumer interest in bitcoin is growing rapidly and NYDIG has the tools and expertise to help community banks meet that demand. Together with forward thinking institutions like Flushing Bank, we’re on the path to achieving our mission of bitcoin for all.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.