Workers Can Get Paid in Bitcoin Via New NYDIG Offering
Employees of participating companies can choose a percentage of after-tax earnings to be paid out in BTC
Source: Shutterstock
key takeaways
- NYDIG survey found 54% of bitcoin holders want a portion of their salary paid in the digital asset
- Financial services companies Q2, MVB Bank and Vantage Bank are among the firms offering the option
There’s a new means for employees to get paid in bitcoin, thanks to NYDIG.
The bitcoin-focused financial services firm has partnered with a number of companies that will for the first time give their employees the option to receive a percentage of their post-tax earnings in bitcoin.
More than one-third of workers between the ages of 18 and 29 expressed an interest in getting some of their salary in bitcoin, according to a recent survey by the New York company. There’s a sharp dropoff when it comes to older employees, with just 11% of workers over 60 saying they would consider doing so.
Fifty-four percent of bitcoin holders overall want a portion of their salary paid in the digital asset, the survey found.
Though not a novel concept, it is another example of a major crypto company allowing employers to pay their workers using cryptocurrency. Other companies offering this service include Coinbase, BitWage and BitPay, and payments processor Strike allows employees to convert paychecks to crypto themselves.
A NYDIG spokesperson did not immediately return Blockworks’ request for comment on how its new offering differs from others.
Patrick Sells, NYDIG’s chief innovation officer, called the service an “easy-to-adopt” perk for employers that helps businesses “stand out from the pack while providing their employees with a critical tool for protecting their financial futures.”
NYDIG delivers technology and financial services to businesses through its full-stack bitcoin platform. NYDIG completed a $1 billion growth equity funding round led by WestCap in December, bringing its valuation to more than $7 billion.
The offering allows employees to choose what percentage of their after-tax pay they would like to convert to bitcoin, which is held in cold storage by NYDIG. There are no transaction or storage fees on the bitcoin traded and held by the workers, according to the company.
NYDIG employees can also use the service. Other companies using the savings plan include financial services companies Q2, MVB Bank and Vantage Bank, as well as crypto companies like bitcoin miner Iris Energy and crypto data company The TIE.
Companies owned by former NFL quarterback Drew Brees are also in on the offering.
Fertitta Entertainment will share the benefit with workers of the Houston Rockets — the NBA team NYDIG recently partnered with — and to corporate employees of restaurant company Landry’s.
New York City Mayor Eric Adams said on Jan. 20 that his first paycheck would be converted into bitcoin and ether through Coinbase. The crypto exchange began accepting paycheck deposits last year.
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