Employees at Vantage Bank Texas are getting a taste of the future – earlier this week, the small bank in Laredo, Texas turned heads with its new option receive payment in Bitcoin.
“The idea for the Bitcoin Savings Plan was something presented to us by one of our partners,” said Vantage Bank Chief Human Resources Officer Eric Thompson, EVP. “It is a program they launched and asked if we would be interested in participating.”
The new payment options, NYDIG's Bitcoin Savings Plan, offer a simple on-ramp for employees to invest in Bitcoin. The plan automatically converts a portion of employees' checks into Bitcoin, which is stored on an institutional-grade custody platform according to the highest security and regulatory standards.
According to the bank, the technology is more popular among younger employees. In NYDIG's 2022 survey, more than one-third of employees age 18 - 29 were interested in earning a portion of their salary in Bitcoin.
“We are excited to be part of a number of organizations across the country offering this program,” Thompson said, explaining the benefits of the program for employers. “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.”
While the Bitcoin Savings Plan is certainly new and exciting, the bank will continue to offer traditional savings plans, as well. In addition to investing in Bitcoin, employees have the option to invest through a 401k plan where the bank matches a portion of their contributions, as well as an Employee Stock Ownership Plan.