Texas Bank Offers Bitcoin Savings Plan to Its Employees
‘Vantage Bank in Laredo, Texas is launching an alternative to traditional saving plans to its employees — the Bitcoin Savings Plan.
The program created in partnership with NYDIG, a company that is building an inclusive financial system with Bitcoin as a universal option, will enable bank employees to automatically transform a part of their paycheck into Bitcoin. The cryptocurrency will be later kept on NYDIG’s custody platform, where it will be regulated and held securely.
Vantage Bank’s Chief Business Architect Shawn Main stated:
“Vantage Bank Texas is focused 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. Our partnership with NYDIG is just one example of how we are working to educate our employees on this transformative technology.”
Main also remarked that, while the bank doesn’t allow customers to trade in crypto, the company plans to offer educational tools to their employees in order to help them understand the new technology better.
Vantage employees will be able to withdraw funds at any time — as with any traditional savings account.
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