Laredo Vantage Bank wants to give its employees a new way to save money with Crypto in an effort to move away from traditional savings plans. It wants to let them set up a Bitcoin savings plan with the company.
NYDIG’s Bitcoin Savings Plan is a new initiative that aims to provide an easy way to invest in Bitcoin. The Bitcoin Savings Plan would enable interested bank employees to automatically convert a part of their paychecks to Bitcoin. After that, the Bitcoin is held on NYDIG’s institutional-grade custody infrastructure.
💥BREAKING: Texas bank Laredo to offer salary payments in #Bitcoin as part of staff savings plans.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) April 5, 2022
A report says the bank’s implementation of the employee programme makes it one of the first, if not the first, banks in the state of Texas to offer such a savings plan scheme for employees.
According to the bank, the launch of the new savings programme shows the financial growth of Bitcoin and how companies are responding by delivering competitive benefit packages to employees.
Banks in the United States are investing in cryptocurrency
In 2021, a number of large US banks started giving crypto exposure to their wealth management customers, with Morgan Stanley leading the way. Morgan Stanley said in March that customers holding at least USD 2 million in the bank’s assets will have access to three Bitcoin funds. Other banks offering crypto exposure to their wealth management customers include JPMorgan Chase & Co., Wells Fargo & Co., and Citigroup.
