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NYDIG Launches Benefit Program To Pay Employees In Bitcoin

Reports said that the New York Digital Investment Group (NYDIG) has launched a benefits program allowing employees of participating companies to convert a portion of their paychecks into Bitcoin.

It has been reported that the NYDIG said several firms involved with sports, entertainment, and digital currencies would be among the first to offer the crypto payments, including Everbowl, MVB Bank, StretchZone, crypto analytics firm The TIE, crypto mining firm Iris Energy and Fertitta Entertainment — the conglomerate behind restaurant giant Landry's and the National Basketball Association’s Houston Rockets.

However, company employees who participate in NYDIG’s Bitcoin Savings Plan can choose how much of their pay will be converted into Bitcoin (BTC), with no transaction or cold storage fees.

Patrick Sells, the Chief Innovation Officer of NYDIG, said that the BTC payment plan was aimed at letting companies offer a benefits package to prospective employees interested in “protecting their financial futures.” According to a recent survey conducted by the firm, 36% of workers under 30 said they would be interested in receiving part of their salary in BTC, with roughly 33% opting for an employer offering payment plans in crypto as opposed to those solely in fiat or other benefits.

Tilman Fertitta, the owner and CEO of Fertitta Entertainment, said:

"Offering cutting edge benefits [...] 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."

The report said that Coinbase launched a similar offering in September for workers to deposit their salary payments directly to the crypto exchange, only requiring users to set up direct deposits through a supported payroll company on the exchange’s app, or through their company’s human resources department.

Thus, a number of professional athletes also announced in 2021 that they would be using Strike or Cash App to convert some of their earnings into crypto.

Source: Cointelegraph




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