NYDIG Announces “Bitcoin Savings Plan” for Employers To Pay in Bitcoin

Aaryamann Shrivastava
Updated: Feb 2, 2022, 17:31 UTC

Under the offer, companies that opt for the plan will enable its employers to allocate a part of their earnings towards investing in crypto.

NYDIG Announces “Bitcoin Savings Plan” for Employers To Pay in Bitcoin

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In the latest from the ever-expanding world of crypto, the New York-based Bitcoin company has presented interested parties with new savings plan to further the adoption of crypto amongst the non-crypto audience.

With many companies already electing for the plan, NYDIG seems to hit gold with this strategy.

Now Save in Bitcoin

The ‘Bitcoin Savings Plan’ is an employee benefit program with which any employer who goes for the plan can let its employees convert a portion of their paycheck into Bitcoin, as per the announcement.

The Chief Innovation Officer of NYDIG, Patrick Sells stated:

“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.”

As per NYDIG, in doing so, employers will be able to leverage the power of crypto to recruit and retain the best employees.

The amount of converted Bitcoin will be held in NYDIG’s cold storage system and traded by the platform itself. Additionally, the employees who elect for this program will not be liable to pay any transaction or storage fees. 

And while the announcement came yesterday, companies such as Q2, MVB Bank, FullStack, Iris Energy, and a couple more have already opted for the Bitcoin Savings plan which will be available for all their employees now.

Do People Want It Though?

As per a survey by the company, about 36% of the employees under 30 do prefer the savings plan and would rather choose the employer who supports a similar outlook.

Furthermore, according to a recent survey in Canada, about 64% of the surveyed individuals said that they would like to be paid in cryptocurrency as well.

However, what’s important to note is that while in a good market, the allocated pay of these employees would grow significantly.

But at the same time should the market befall the tragic attack of bears as it did in the last few months, it could cause a lot of damage to these employees unless NYDIG can safeguard the assets that they manage.

Bitcoin suffered a massive 48% ($32.6k) crash over the last 2 months – Source: FXEMPIRE

About the Author

Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.

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