The New York Yankees announced a multi-year partnership with institutional Bitcoin services provider NYDIG to allow its employees to be paid in bitcoin, according to a joint press release.
“We are always looking for innovative ways to expand and improve our employee experience,” said Aryn Sobo, Yankees VP of human resources. “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.”
Organizations like the Yankees who lack the infrastructure to pay a portion of its employees’ salary in BTC can partner with third-party service providers to bridge the gap between Bitcoin and traditional finance, which is exactly what the Yankees have done.
NYDIG, a bitcoin-only financial services firm that offers infrastructure for companies and financial institutions looking to operate within the Bitcoin ecosystem, will offer its Bitcoin Savings Plan (BSP) to the world famous Major League Baseball (MLB) team, becoming its official Bitcoin Payroll Platform.
BSP allows employees of organizations like the Yankees to elect a certain amount of their post-tax salary to be converted into bitcoin – with no transaction fees. While users can sell bitcoin on the platform, BTC cannot be deposited from an external source to NYDIG’s custody platform or transferred to an external wallet.
“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,” said Kelly Brewster, chief marketing officer at NYDIG. “We commend the Yankees for understanding the competitive opportunities and the value of providing bitcoin options for their organization.”