Texas Bank Introduces New Way for Employees to Invest in Bitcoin.
A top bank in Texas, Vantage Laredo has invented a new way for its employees to benefit from Bitcoin investment. The bank is offering Bitcoin options for payment of salaries. This Bitcoin can then be made into digital currency savings rather than the traditional fiat currency.
NEW ? Texas BANK Laredo to offer #Bitcoin salary option to ALL EMPLOYEES ?
— Bitcoin Magazine (@BitcoinMagazine) April 5, 2022
This option which is available to all employees gives them a simple and secure way to invest in Bitcoin without the hassles of managing wallets. NYDIG will be responsible for holding Bitcoins on their highly secure institutional-grade custody platform.
“The idea for the Bitcoin Savings Plan was something presented to us by one of our partners. It is a program they launched and asked if we would be interested in participating.” Vantage Bank Chief Human Resources Officer Eric Thompson, EVP said.
The first implementation of digital currency savings in Texas
Texas has a history as a friendly state towards crypto. However, Vantage Laredo is likely the first bank in the state to implement this digital currency savings plan for employees. This opens the door of possibilities for other banks as well as other sectors to implement such plans.
Thompson said:
“The Bitcoin Savings Plan is just one of the many savings programs we provide our employees, All employees have the opportunity to participate in a 401K plan where the bank matches a portion of their contribution as well as an Employee Stock Ownership Plan.”
Already, there are other companies in the country offering this option to employees who are now considered to be employers with top benefits. Therefore, Vantage is likely to attract better employees and keep the ones they already have with this implementation as everyone now wants a bite of the crypto cake.
The bank has also indicated readiness to educate its staff on the new cryptocurrency and blockchain technology even though it does not allow them to buy, sell, or trade digital assets directly.
Thompson said:
“We are excited to be part of a number of organizations across the country offering this program,” During this ‘Great Resignation,’ attracting and retaining top talent has been especially challenging. Focusing on our employees and the benefits we offer help make Vantage Bank Texas an employer of choice for current and potential employees.”
Crypto going mainstream
Before now, cryptocurrencies were considered to be tools for criminals to steal from investors. However, with a better understanding, it is gradually finding its way into mainstream investing, including banks which were the major rival.
With this kind of development, it won’t be long before a large population of the world gets more comfortable with digital assets as investment options.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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