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Bank of America Introduces Bitcoin Savings Plan to Employees

As digital assets gain popularity and are gradually accepted as a legal alternative to traditional money, a bank in the state of Texas (USA) intends to offer employees a savings plan in cash. Bitcoin.

Laredo Morning Times said that Vantage Bank in Laredo, Texas, USA will introduce a digital asset savings plan as an alternative to traditional savings plans, for employees who love Bitcoin.

Bank of America introduces Bitcoin savings plan for employees

Bitcoin Savings Plan Will Allow Employees To Automatically Spend A Part Of Each Payroll And Convert It To Bitcoin

Reuters

“The Idea of ​​the Plan save Bitcoin presented by one of our partners. They offered the program and asked if we wanted to participate,” said Eric Thompson, chief human resources officer and executive vice president of the bank. The program is offered by asset management firm Stone Ridge, a subsidiary of the NYDIG Bitcoin Strategy Fund.

According to Thompson, the Bitcoin Savings Plan will allow employees to automatically spend a portion of each paycheck and convert it into Bitcoin. The converted digital assets will then be held on NYDIG’s institutional custody platform, which is compliant with leading security and regulatory standards.

“Part of the plan is to make sure we always grow with technology new finance. We are also providing our associates with Bitcoin education, sharing the risks and considerations that need to be assessed before moving after-tax dollars into a Bitcoin savings plan,” said Jeff Sinnot, President and CEO. Vantage Bank CEO, said.

However, despite taking a more modern approach to diversifying employee savings plans, Vantage Bank still does not allow customers to directly buy, sell or trade cryptocurrencies. In response to this question, Mr. Shawn Main, chief business of the bank, said: “Vantage Bank Texas is working on the technology, figuring out how blockchain will best support its customers and their financial needs. We are also actively engaged with the Texas Blockchain Council to better understand the technology blockchain and its future potential in our monetary system.”

To support or not to support cryptocurrencies?

In addition to Vantage Bank, there have been reports of another bank getting involved in the crypto space. Specifically, global banking giant Goldman Sachs has announced plans to begin offering the first investment vehicle for Bitcoin and other cryptocurrencies to customers in Q2 2022, due to interest from users increased.

However, despite its growing popularity, some banks actively avoid getting involved in anything related to electronic money. UniCredit Bank is facing a fine of 131 million euros (about $144 million) in damages to a cryptocurrency mining company, which closed its accounts and blocked its payments.

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