NYDIG
NYDIG offering allows participating companies to pay employees in Bitcoin
Patrick Sells, the NYDIG's chief innovation officer, said the Bitcoin payment plan was aimed at letting companies offer a benefits package to prospective employees.
The New York Digital Investment Group, or NYDIG, has launched a benefit program allowing employees of participating companies to convert a portion of their paychecks into Bitcoin.
In a Tuesday announcement, the NYDIG said several firms involved with sports, entertainment, and digital currencies would be among the first to offer the crypto payments, including Everbowl, MVB Bank, StretchZone, crypto analytics firm The TIE, crypto mining firm Iris Energy and Fertitta Entertainment — the conglomerate behind restaurant giant Landry's and the National Basketball Association’s Houston Rockets. Company employees who participate in NYDIG’s Bitcoin Savings Plan can choose how much of their pay will be converted into Bitcoin (BTC), with no transaction or cold storage fees.
NYDIG chief innovation officer Patrick Sells said the BTC payment plan was aimed at letting companies offer a benefits package to prospective employees interested in “protecting their financial futures.” According to a recent survey conducted by the firm, 36% of workers under 30 said they would be interested in receiving part of their salary in BTC, with roughly 33% opting for an employer offering payment plans in crypto as opposed to those solely in fiat or other benefits.
"Offering cutting edge benefits [...] helps ensure that we are appealing to the new generation entering the workforce and allows us to attract and retain some of the best talent in the industry,” said Fertitta Entertainment owner and CEO Tilman Fertitta.
Employees are asking to be #PaidInBitcoin, and we listened. With our new Bitcoin Savings Plan, companies can now offer an innovative compensation perk for employees to securely buy, sell, and hold #Bitcoin without incurring any transaction or storage fees. https://t.co/HLCaQPuwTr pic.twitter.com/raYkWiscLD
— NYDIG (@NYDIG_BTC) February 1, 2022
Related: Crypto salaries are becoming a popular way to attract young talent
Coinbase launched a similar offering in September for workers to deposit their salary payments directly to the crypto exchange, only requiring users set up direct deposits through a supported payroll company on the exchange’s app, or through their company’s human resources department. A number of professional athletes also announced in 2021 that they would be using Strike or Cash App to convert some of their earnings into crypto.
Flushing it: $8B New York commercial bank to offer Bitcoin services
“As part of our ongoing digital transformation, we recognize the importance of staying current with emerging market trends,” said Flushing Financial Corporation CEO and president John R. Buran.
Flushing Financial Corporation, the parent company behind New York-based Flushing Bank has partnered with crypto firm New York Digital Investment Group (NYDIG) to offer Bitcoin (BTC) services to its customers.
The bank was founded in 1929 and according to its Q4 report it held more than $8 billion worth of assets at the end of 2021, with a net income of around $200 million.
According to an announcement, the partnership with NYDIG will enable the bank to offer its customers BTC buying, selling and holding services in a “safe and secure environment.”
Flushing Bank stated that it aims to launch its BTC-related services later this quarter and will divulge further details of its roadmap soon.
Flushing Financial Corporation CEO and president John R. Buran attributed the firm’s BTC adoption play to its desire to keep up with growing trends in financial markets:
“As part of our ongoing digital transformation, we recognize the importance of staying current with emerging market trends and consumer demand for alternate financial services.”
NYDIG is a heavyweight in the crypto sector that primarily provides BTC-related services and products. The firm raised $1 billion worth in funding in December at a valuation of nearly $7 billion.
On the banking front and credit union front, NYDIG states that it has more than 35 partnerships in the sector, including deals with Five Star Bank, Idaho Central Credit Union, STAR Bank, U.S. Bank and NYMBUS to name a few.
NYDIG Chief Innovation Officer Patrick Sells stated on Jan. 25 that the firm is paying significant attention to partnering with traditional financial institutions as it’s “ready to show the world that banking is better with Bitcoin.”
Related: The year for Bitcoin: A 2021 roundup of the flagship crypto
Sells highlighted a growing demand for crypto exposure via organizations that users are already familiar with:
“Our research is clear; consumers want Bitcoin and they want it through the banks and credit unions they already trust.”
The firm has also been steadily growing its mainstream presence via partnerships with top sporting organizations such as the NBA’s Houston Rockets, along with Luxury Automobile Dealer Post Oak Motor Cars.
Bitcoin Mining Firm Luxor Launches ASIC Trading Desk
On January 11, 2022, the Washington-based bitcoin mining operation Luxor announced the launch of a new application-specific integrated circuit (ASIC) trading desk. According to the company, Luxor’s new trading desk will give miners and investors access to bitcoin ASIC mining rigs “at a fair market price.” NYDIG-Backed Mining Operation Luxor Reveals ASIC Trading Desk Service […]SEC Postpones Decision on NYDIG Bitcoin Spot ETF
Houston Rockets Partner With Bitcoin Company NYDIG in Sponsorship Deal
NBA basketball team the Houston Rockets has partnered with NYDIG, a leading bitcoin solutions provider, to be the team’s official bitcoin services partner. The deal will provide the team with cryptocurrency-related opportunities and give NYDIG exclusive exposure in the team’s social, digital, and arena platforms. The full amount of the sponsorship, which was not disclosed, […]Over 3 Million Customers Can Earn Bitcoin Points Dining at 500 Restaurants via Landry’s Rewards Program
Millions of customers dining at 500 restaurants across the U.S. will soon be able to earn bitcoin points, thanks to a partnership between restaurant giant Landry’s and New York Digital Investment Group (NYDIG). In addition, Landry’s said it will buy bitcoin for its treasury. “We view bitcoin as a good choice for a portion of […]Indiana’s Star Bank Launches Bitcoin Trading Services
Star Financial Bank (Star Bank) says it has become the first bank in the U.S. state of Indiana to offer bitcoin services to customers. The services will be offered through the New York Digital Investment Group and Alkami platform. Customers will have the ability to buy and sell bitcoin via the Star Mobile Banking App. […]NYDIG acquires Bitcoin micropayments firm Bottlepay
Former Goldman Sachs partner NYDIG partook in Bottlepay’s seed funding round in March 2021.
Bitcoin (BTC) investment firm, New York Digital Investment Group (NYDIG), has announced the acquisition of United Kingdom-based micropayment service Bottlepay for an estimated fee between $280 million and $300 million.
NYDIG had previously participated in the company's $15.4 million seed funding round in February 2021, a raise which was led by British billionaire investor Alan Howard and saw the company valued in excess of $50 million.
Utilizing the Bitcoin Lightning Network, Bottlepay’s mobile application service enables users across the U.K. and Europe to transfer small amounts, known as micropayments, of Bitcoin (BTC) and traditional fiat currencies such as pound sterling and euro.
In March this year, following previous integrations of Discord and Reddit, the digital application announced the integration of Bitcoin payments into social network platform Twitter, enabling account holders to send the asset with the simple tweet format “@bottlepay send 1,000 sats to @twitteruser.”
Bottlepay founder Pete Cheyne shared his optimism on the future of the payments service following the acquisition from NYDIG:
"When we set out to build Bottlepay, we wanted to unlock the financial infrastructure of the future. We're excited to be joining an industry leader like NYDIG who shares our vision for the future of money."
Related: NYDIG raises $100 million and launches 'Bitcoin-powered' insurance initiative
Bottlepay ceased operations in late 2019 following the introduction of new Anti-Money Laundering regulations in the European Union, with their UK-based developer Block Matrix, stating that the stringent legislation jeopardized the identity and privacy of their community and therefore declined to continue pursuing the project.
Following this saga, Bottlepay overhauled the core infrastructure of their Bitcoin wallet to comply with European Union’s 5th Anti-Money Laundering Directive, an initiative aimed to enhance the transparency of digital transactions across Europe.
Founder and executive chairman of NYDIG, Ross Stevens, and co-founder and CEO of NYDIG, Robert Gutmann, shared a joint statement on the regulatory credibility they witnessed within the Bottlepay service:
"The Bottlepay team has built world-class infrastructure for Lightning and bitcoin payments, and they have done so with the same level of regulatory and compliance rigor that our customers expect from NYDIG today. NYDIG is on a mission to bring bitcoin to all, and this acquisition brings us one step closer to fulfilling that goal.”
US Public Pension Fund for Firefighters Adds Bitcoin and Ether Worth $25 Million to Portfolio
The $5.5 billion pension fund for the U.S. city of Houston’s firefighters has announced an investment in bitcoin and ether. “This investment marks the first announced investment in digital assets by a public pension plan in the U.S.” ‘A Watershed Moment for Bitcoin and Its Place in Public Pensions’ The Houston Firefighters’ Relief and Retirement […]