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Bitcoin and fintech company NYDIG has partnered with the New York Yankees to provide its Bitcoin Savings Plan to employees.
The multi-year partnership cements NYDIG as the organization’s official Bitcoin payroll platform.
- According to a press release from NYDIG, the Bitcoin Savings Plan (BSP) lets employees convert a portion of their salaries into Bitcoin. Employees will not have to pay any transaction or storage fees for the service.
- “We’re proud to partner with our hometown team and an iconic sports franchise, the Yankees, to further our mission of bringing bitcoin to all,” said Kelly Brewster, chief marketing officer at NYDIG.
- Brewster explained that the savings plan offers an efficient way to dollar-cost average into Bitcoin. Dollar-cost averaging is an investment strategy of spreading out one’s purchases across time to hedge against asset volatility.
- According to NYDIG’s research, about 36% of employees under 30 are interested in receiving part of their salary in Bitcoin. Nearly a third would choose employers that offer Bitcoin-based pay over those that don’t.
- Yankees Vice President Aryn Sobo said that integrating NYDIG would help improve the employee experience. “NYDIG made it easy to add Bitcoin to our roster of benefits, and we look forward to leveraging the NYDIG platform to offer this opportunity to our employees.”
- Besides NYDIG, Bitcoin exchange services like Coinbase and Strike also allow users to convert a part of their salary into Bitcoin.
- The sports industry has heavily participated in adopting and supporting crypto over the past year. While numerous major exchanges have sponsored various sports leagues, athletes from the UFC to the NFL are starting to accept crypto-based pay.
CashApp partnered with two members of the Golden State Warriors in January to let them recieve a Bitcoin based salary.