Vantage Bank has implemented a Bitcoin savings program that allows its employees to automatically convert a portion of their salaries to BTC.
The American bank Vantage Bank, Located in the city of Laredo, Texas, it has partnered with the Bitcoin company, NYDIG, to implement a Bitcoin savings program aimed at employees. Through this program, called Bitcoin Savings Plan, the local bank offers its employees the option of receiving payments in cryptocurrency easily and safely.
In February of this year, NYDIG reported that Vantage Bank would be among the first banking institutions in the United States, and possibly the first in the state of Texas, to allow its employees to convert, at their discretion, part of their paychecks to BTC.
The company carried out a poll in which 36% of employees, aged between 18 and 29, said they wanted to gain exposure to Bitcoin or increase their reserves in this cryptocurrency, receiving a portion of their salary in BTC as a work benefit provided by their employers.
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Simplifying access to Bitcoin
As the crypto industry matures and becomes more mainstream, more people are interested in integrating cryptocurrencies into their portfolios, so the bank believes this initiative will make it look more attractive to current and potential employees and people in general.
Eric Thompson, director of human resources at Vantage Bank, said the new program Bitcoin Savings Plan NYDIG's platform offers a simple way for individuals to gain exposure to the world's largest and most important cryptocurrency. In addition, he indicated that employees can access this digital asset securely, thanks to the institutional-grade custody platform offered by NYDIG. Through the Bitcoin Savings Plan, employees can choose what percentage of their salary they want to receive in BTC.
educational tools
Vantage Bank is also interested in delving deeper into new technologies. In this regard, it reported that it will promote educational initiatives to foster knowledge about Bitcoin, cryptocurrencies and blockchain technology among its staff. In addition to this, it will be participating in the next meeting of the Texas Blockchain Council.
Shawn Main, senior vice president at Vantage Bank, said the bank's goal is to better understand blockchain technology and its future potential within the current monetary system.
Banks face the rise of Bitcoin and cryptocurrencies
The interest that cryptocurrencies, such as Bitcoin, have generated among investors and institutions is pushing banks to the doors of the crypto industry. However, until now, regulatory uncertainty regarding this industry has been one of the biggest obstacles to its adoption and greater institutional entry.
Regulatory initiatives such as the one being implemented in the United States, following the executive order signed by President Joe Biden last month, will help banks feel more comfortable with cryptocurrencies and expand their services based on this new class of digital asset.
The new regulatory environment developing in the country will provide banks and financial institutions with greater security, reducing risks and allowing companies, investors and interested parties to satisfy their demand for cryptoassets to protect their financial future, said NYDIG's chief innovation officer, Patrick Sells, on his Twitter account.
On the other hand, crypto regulation will also allow more companies and employers to implement cryptocurrency-based programs to offer new options to their employees. Former professional NFL player, Drew Brees, is among the employers that will implement the Bitcoin Savings Plan from NYDIG. Brees said that employees of his companies, including the food chain Everbowl and the health and fitness company StretchZone, will have the option to earn in Bitcoin.
NYDIG said in February that the bank MVB Bank, the conglomerate Fertitta Entertainment and the solution provider Q2They will also use their savings plan to allocate a portion of their paychecks to their employees in BTC.
Who already receives their salaries in Bitcoin?
The NFL sports star Russell Okung He was the first professional athlete to adopt Bitcoin salaries. In December 2020, Okung said that cryptocurrency had helped him regain his power and economic dominance. Alex crognale, a USL Championship footballer, also receives part of his salary in this cryptocurrency.
American Mayors Francis Suárez, from Miami; Eric adams, from New York; Scott Conger, from Jackson and Jane castor, of Tampa Bay, also implemented payments in Bitcoin, receiving part of their salary in BTC while promoting initiatives to offer the cryptocurrency as an option among their municipal employees. Even the deputy Christophe De Beukelaer, from Brussels, said that he would receive his salary in Bitcoin for a whole year, motivated by these initiatives by American mayors.
Employees of the fast food chain Dominos Pizza In the Netherlands, since last year, they can choose whether to receive part of their salaries in Bitcoin.
Today, this cryptocurrency has become an efficient and accessible means of making global cross-border payments, investments, and preserving long-term value. The scarcity of Bitcoin, coupled with the above, has increased its demand in global markets. On April 1, the 19.000.000th Bitcoin was mined, leaving only 2 million BTC to be mined on the network over the next 120 years, approximately.
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