Digital assets’ popularity is at breakneck speed in the market. Bitcoin is replacing all the traditional systems. It is widely considered legal and authentic to traditional money. Meanwhile, one bank in Texas has declared its intention to offer its employees a savings plan in Bitcoin (BTC).
Employees who prefer digital asset savings plans as an alternative to traditional money can promptly link to the Vantage Bank in Laredo, Texas, a new savings plan reported by the Laredo Morning Times on April 4. This program is imparted by the asset management company Stone Ridge’s subsidiary NYDIG Bitcoin Strategy Fund.
Eric Thompson, the bank’s Chief Human Resources Officer and Executive Vice President, gave a brief statement on the case.
“The idea for the Bitcoin Savings Plan was presented to us by one of our partners. It is a program they launched and asked if we would be interested in participating,” he said. “We are excited to be part of several 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.”
According to the vice president, the new Bitcoin savings plan enables the employees to automatically contribute a portion of every paycheck and alter it into Bitcoin. The converted digital assets are securely kept on NYDIG’s institutional-grade custody platform. These adhere to the top security and regulatory standards.
Vantage Bank’s president and CEO, Jeff Sinnot, seemed impressed as he went on praising Thompson for the program, saying,”Part of offering our team members the most comprehensive benefits package possible is making sure we evolve with new financial technologies. We are also providing associates with education about Bitcoin, sharing the risks and considerations that should be evaluated before directing their post-tax dollars to a Bitcoin Savings Plan.”
Despite being the supporter of a modern approach to enhancing its employees’ life. The bank still does not permit the employees to buy, sell, or trade crypto directly. Its Chief Business Architect Shawn Main has mentioned the same.
“Vantage Bank Texas focuses on educating our employees, researching the technology, and learning how the blockchain will best support our customers and their financial needs. We are also actively engaged with the Texas Blockchain Council to better understand the technology and its future potential within our monetary system,” he said.
The dilemma in supporting cryptocurrency
By considering the rising possibilities and elevation of bitcoin interest, the global banking giant Goldman Sachs has announced its plans to start offering its first investment vehicles for Bitcoin and other cryptocurrencies to its clients in the second quarter of 2023.
On the contrary, few companies are reluctant to the bitcoin’s popularity. Some are actively dodging getting involved with anything crypto at any cost.
As per the Finbold report, for the cause of wrong closings, UniCredit Bank confronts a €131 million (roughly $144 million) fine in damages to the crypto mining company. UniCredit Bank faces millions in fines over closing a current account belonging to a cryptocurrency mining farm.
Meanwhile, the cryptocurrency market’s capitalization at press time stood at $2.13 trillion. According to the CoinMarketCap data, it has been marked as its largest digital asset, Bitcoin, trading at $45,945.