Players and employees of the famous baseball team can now be paid in Bitcoin. But how interested are people in crypto salaries?
Salaries in crypto for the New York Yankees! The Major League Baseball team has begun a partnership with NYDG, a company that provides Bitcoin-related services to companies, to allow New York Yankees players and employees to receive a portion of their salaries in crypto. The initiative is part of the Yankees’ plan to increase employee welfare, a recent report shows that among workers, especially younger ones, these kinds of cryptocurrency-related benefits are appreciated.
Crypto salaries for the Yankees
For the Yankees, it will be possible to offer salaries in crypto thanks to a partnership with New York-based company NYDG. The official press release kicking off the partnership was released on the 14th July 2022, Kelly Brewster, CMO of NYDG, said “we are proud to partner with our city’s team and iconic sports franchise, the Yankees, to further our mission of bringing Bitcoin to everyone. Initiatives like these actually aim to spread awareness about BTC and its various uses. Thanks to this multi-year agreement, players and employees of the Yankees will therefore be able to access a ‘Bitcoin Savings Plan’ called ‘Bitcoin Savings Plan’, one of the main services offered by NYDG. In essence, players will be able to choose whether and how much of their salary to convert to BTC without paying transaction fees and to accumulate it directly on the platform.
Aryn Sobo, vice-president of the New York Yankees, explained “we are always looking for innovative ways to expand and improve the experience of our employees, NYDIG has made it easy to add Bitcoin to our list of benefits and we look forward to leveraging the NYDIG platform to offer this opportunity to our employees.
Bitcoin as a corporate benefit
But are Yankees players happy to receive their paychecks in crypto? People’s interest in a paycheck in Bitcoin, remains to be determined. In this regard, NYDG conducted a survey that was published in January 2022, entitled ‘Bitcoin Benefits’. The research was conducted on a sample of 2,562 full-time working US citizens who were asked to comment on the possibility of receiving a paycheck in Bitcoin. What emerged was first and foremost a fear of an increasingly rigid labour market and rising inflation, which worries younger workers in particular. 36% of the sample, in the under-30 age group, expressed an interest in receiving part of their salary in BTC. According to NYDG, there would thus seem to be a link between fear of inflation and the choice of BTC as a means of receiving wages. Moreover, about 1 in 3 workers within this 36% said that between two different job positions, they would be inclined to choose the one with a crypto payment option. In today’s environment it is increasingly difficult for employers to find and keep talented workers, could implementing corporate welfare with crypto payments be a solution?
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