The New York Yankees have announced a groundbreaking multi-year partnership with institutional Bitcoin services provider NYDIG, enabling their employees to be paid in bitcoin. This initiative marks a significant step as the Yankees become the first MLB team to offer such a payment option.
Partnership and Benefits: The New York Yankees MLB team has teamed up with NYDIG to allow employees to receive their salaries in bitcoin. NYDIG provides a benefits plan that enables employees to convert any portion of their salary into BTC without incurring transaction fees.
Innovative Employee Experience: According to Aryn Sobo, Yankees' VP of Human Resources, "We are always looking for innovative ways to expand and improve our employee experience. 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."
Bridging the Gap: Organizations like the Yankees, which may not have the infrastructure to pay employees in BTC, can partner with third-party service providers like NYDIG to integrate Bitcoin into their financial operations seamlessly.
NYDIG's Role: NYDIG, a Bitcoin-only financial services firm, offers infrastructure for companies and financial institutions operating within the Bitcoin ecosystem. Through this partnership, NYDIG will provide its Bitcoin Savings Plan (BSP) to the Yankees, making it the official Bitcoin Payroll Platform for the MLB team.
Bitcoin Savings Plan (BSP): The BSP allows employees to convert a portion of their post-tax salary into bitcoin with no transaction fees. While employees can sell bitcoin on the platform, they cannot deposit BTC from external sources into NYDIG's custody platform or transfer it to an external wallet.
Kelly Brewster, Chief Marketing Officer at NYDIG, highlighted the benefits of the Bitcoin Savings Plan: "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."
This collaboration between the New York Yankees and NYDIG reflects a forward-thinking approach to employee benefits, setting a precedent for other sports organizations and businesses to follow.
