The bitcoin-focused digital asset manager, NYDIG scored yet another partnership. This time around, NYDIG has partnered with the New York Yankees to become the team’s official Bitcoin Payroll Platform.
The multi-year partnership is aimed at facilitating a crypto-based savings plan provided by the Yankees organization to its employees. Following this, Yankees employees will be eligible to access NYDIG’s Bitcoin Savings Plan (BSP), which enables the conversion of a portion of the paycheck to BTC using the NYDIG platform. Since it is part of NYDIG’s benefit plan, employees save a hefty amount on transaction fees as well as bitcoin storage payments.
NYDIG chief marketing officer, Kelly Brewster noted that the company is committed to helping its clients “realize the full potential of bitcoin” while also ascertaining security in the volatile crypto space.
He added that,
“For employees of the Yankees and beyond, the opportunity to allocate a small slice of their paycheck to a Bitcoin Savings Plan can be one of the most efficient ways to save bitcoin, and the dollar-cost averaging can smooth out the bumps along the way. We commend the Yankees for understanding the competitive opportunities and the value of providing bitcoin options for their organization.”
Bitcoin Retirement Plan For Employees
The Yankees are not the first employer to sign up for a crypto savings plan despite an ongoing bear period. Earlier this year, the leading financial services giant and an eminent pension plan provider, Fidelity Investments also announced that it will be adding Bitcoin to its 401(K) accounts.
According to the Wall Street Journal, if Fidelity adds Bitcoin investments in 401(K) plans, it will open a gateway to about 23,000 companies that use Fidelity to administer their retirement plans. Additionally, Fidelity’s head of workplace retirement offerings and platforms, Dave Gray asserted crypto’s up-and-coming adoption across the finance sector.
He said,
“Fidelity believes that blockchain technology and digital assets are going to be a much larger part of the financial industry’s future”. We think that the investment choices and opportunity to get access to digital assets are going to increase over an entire spectrum of products and services”, arguing that bitcoin in 401(K) plans is just the beginning.