The New York Digital Investment Group (NYDIG) has successfully launched a benefit payment plan and saving program that will now enable employees of participating companies to convert a portion of their salaries into Bitcoin.
In a February 2 announcement, the NYDIG confirmed the launch of a payment plan and saving program that will enable incorporated companies to offer innovative perks for employees to securely buy, sell or hold digital assets without incurring any storage cost.
Several notable firms in sport, entertainment, and digital currencies, including Everbowl, MVB Bank, StretchZone, crypto analytics firm The TIE, crypto mining firm Iris Energy and Fertitta Entertainment, are among the first entities to offer crypto payments to their employees.
The new NYDIG Bitcoin Saving Plan will let employees from incorporated companies to convert the desired amount of their salaries into Bitcoin (BTC) without incurring any transaction or cold storage fees.
While commenting about the newly launched Bitcoin Saving program, Patrick Sells, the Chief Innovation Officer at NYDIG, said:
“The new BTC payment plan aims at letting companies offer a benefits package to prospective employees interested in protecting their financial futures.”
Notably, according to NYDIG, the new program was an implementation of its recent survey that suggested 36% of workers less than 30 years old opted to receive part of their salary in BTC, with only 33% opting for an employer to offer payment in crypto as opposed to those solely in fiat.
Tilman Fertitta, the CEO of the conglomerate behind restaurant giant Landry’s and the National Basketball Association’s Houston Rockets Fertitta Entertainment, applauded the new development asserting:
“Offering cutting edge benefits […] help ensure that we are appealing to the new generation entering the workforce and allows us to attract and retain some of the best talents in the industry.”
Employees are asking to be #PaidInBitcoin, and we listened. With our new Bitcoin Savings Plan, companies can now offer an innovative compensation perk for employees to securely buy, sell, and hold #Bitcoin without incurring any transaction or storage fees. https://t.co/HLCaQPuwTr pic.twitter.com/raYkWiscLD
— NYDIG (@NYDIG_BTC) February 1, 2022
In a related development, crypto exchange Coinbase launched a similar crypto saving program, allowing workers to deposit their salary payments directly to the exchange in September last year. The program only required users to set up direct deposit through a supported payroll company on the exchange app. In that context, several professional athletes announced in 2021 that they would use Strike or Cash App to convert some of their proceeds into crypto.