The product caters to employers seeking to attract the best talent by offering payments in bitcoin.
Leading U.S. companies can now offer their employees the option to get paid in bitcoin by opting into NYDIG’s newly launched product, Bitcoin Savings Plan. The offering is an employee benefit program through which the worker can choose what percentage of their paycheck they would like to receive in bitcoin each month, at no additional cost.
NYDIG said in a Tuesday statement that the Bitcoin Savings Plan is catered to companies that want to differentiate themselves by offering their employees the ability to get paid in bitcoin, a need the institutional bitcoin services provider discovered in a recent survey as 36% of respondents under 30 said they would be interested in allocating a portion of their pay to bitcoin.
“We know how hard it is for companies to attract top-notch talent,” said Patrick Sells, CIO of NYDIG, in a statement. “An 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.”
Former NFL superstar Drew Brees is among the first employers to leverage the new product. NYDIG said the now-retired athlete that has the second most NFL career touchdown passes will not only offer the option to the employees of his companies but also opt into a Bitcoin Savings Plan himself to convert a portion of his compensation to bitcoin. Other companies that Brees is involved with will also make the leap, including Everbowl and StretchZone.
“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,” Brees said in a statement. “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.”
NYDIG said that other companies launching a Bitcoin Savings Plan include leading digital banking solutions provider Q2, financial services companies MVB Bank and Vantage Bank, and sustainable bitcoin miner Iris Energy. NYDIG itself will also offer the benefit to all its employees.
Paycheck conversions into bitcoin held by employees as part of a Bitcoin Savings Plan will be stored in NYDIG’s custodial cold storage system. With such an arrangement, workers will be able to get exposure to the bitcoin price but will not be inserted into the Bitcoin ecosystem, being unable to achieve financial sovereignty.
However, NYDIG told Bitcoin Magazine that the ability for employees to withdraw their bitcoin into self-custodial wallets is “on the roadmap.”