Partnership With Bitcoin Giant NYDIG Will Enable New York Yankees Employees to Convert Salaries To BTC

Football Star Odell Beckham To Take Full Salary In Bitcoin; Will Give Out $1M In BTC

New York Yankees employees now have the opportunity to convert their earnings to Bitcoin (BTC) as a means of saving. In a new multi-year partnership with Bitcoin technology and investment firm NYDIG, the American professional baseball team will have NYDIG as its official Bitcoin Payroll System. This will give the employees of the Yankees the chance to utilise the Bitcoin Savings Plan (BSP) introduced by NYDIG.

NYDIG research showed that 36% of employees under 30 are interested in the BSP

NYDIG announced the partnership on July 14. Speaking on the matter, Kelly Brewster, Chief Marketing Officer at NYDIG, said, “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.”

The Bitcoin Savings Plan is an initiative introduced to employees of firms affiliated with NYDIG. It allows the employees to convert a proportion of their earnings to BTC on the NYDIG platform. Transaction and storage fees are waived, making the process cost-free for interested employees.

Due to the initiative’s success and the growing adoption of Bitcoin as the digital asset space becomes more and more intertwined with the conventional financial system, many firms have begun adopting the Bitcoin Savings Plan.

Upon carrying out research, NYDIG discovered that practically a third of employees would choose a job that helps them get paid in BTC when presented with an opportunity to choose between two similar employers. Furthermore, about 36% of employees below 30 have shown an interest in converting a part of their earnings to Bitcoin.

NYDIG has grown to be one of the biggest firms in the crypto space

Kelly Brewster noted that this partnership is an avenue for NYDIG to propagate the crypto gospel, bringing the benefits of investments in Bitcoin to their clients. Brewster also pointed out that the dollar cost averaging (DCA) technique that would automatically be employed – seeing as the BTC investments would be periodically topped – will enable employees to hedge against the price bumps along the way.

NYDIG was founded in 2017 by Ross Stevens, who is currently serving as the firm’s executive chairman. In December of 2021, NYDIG announced a funding round that saw the firm raise $1 billion, bringing its valuation to $7 billion. The funding was led by the growth equity firm WestCap.

NYDIG has grown to be one of the biggest firms in the crypto space. Notable entities are utilising its services. In March last year, investment bank Morgan Stanley announced that it would be giving its wealthy clients access to BTC; one of the funds on offer would come from NYDIG.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Breaking: Bitcoin (BTC) Price Risks Falling Below $21,000, Here’s Why

The Bitcoin (BTC) price can fall below $21,000 as the bear hug tightens. The price recently touched a high of $25,135 and retraced to a low of $23,243. The downward price trend has formed a regular bearish divergence with a short-term target of falling to $21,000-$20,000. The Crypto Market Fear and Greed Index has tumbled

BTC, ETH, DOGE: Why Major Cryptos Are Trading In Red Today?

Today’s slump in the price of crypto giants including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) has left investors disappointed. At the press time, BTC was trading at $23,379.13, down by 4.05% over the last 24 hours. Meanwhile, the price of ETH and DOGE was spotted trading at $1,845.20 and $0.082021, a decline of 5.11%

Ether (ETH) Falls for Fourth Consecutive Day, Is Merge Mania Ending?

After a strong rally in the last 45 days since the beginning of July 2022, the crypto market has once again come under selling pressure. The broader crypto market has been retreating for the fourth consecutive day in a row, including the top two giants Bitcoin and Ethereum. As of press time, Ether (ETH) is

Fidelity Chief Explains Why Bitcoin (BTC) Is Cheap At Current Level

Over the last 45 days since July 2022 beginning, Bitcoin and the broader cryptocurrency market have given a strong run-up. As of now, Bitcoin is currently facing resistance at $24,000. Jurrien Timmer, Director of Global Macro at Fidelity believes that Bitcoin is currently “cheap” as per the BTC adoption curve thesis. Timmer explains that Bitcoin’s