Bank interest in Bitcoin is growing. However, it is not just about maintaining and offering digital asset trading.
Vantage Bank in Laredo, Texas will introduce bitcoin savings plans that all employees will be able to take advantage of.
BTC savings plan
The ability to easily save in Bitcoin (BTC) and other popular cryptocurrencies is nothing new, especially as more and more cryptocurrency exchanges offer users the ability to set up recurring purchases.
This time, however, it is a traditional bank. This shows that Vantage Bank is aware of the increasingly strong position of Bitcoin, which in some situations performs much better than Fiat or gold.
The ability to save money in BTC will be available as an alternative to traditional savings plans. Thanks to this, each bank employee will be able to increase their ownership of Bitcoins every month.
Vantage Bank Employee BTC Savings Program
It is worth noting that in this case the bank will not develop its own solutions, but will use an out-of-the-box program from Stone Ridge (it is a subsidiary of NYDIG Bitcoin Strategy Fund).
The program provider will not only take care of cyclical purchases of cryptocurrencies for bank employees, but also take care of their secure storage on the NYDIG platform.
Vantage Bank CEO Jeff Sinnot sees the bitcoin savings plan as an opportunity to offer employees the most comprehensive benefits package. This solution also demonstrates that the bank grows with new financial technologies.
«Part of offering our team members the most comprehensive benefits package possible is making sure we evolve with new financial technologies.»
A modern savings plan in the most important cryptocurrency is also to include education about Bitcoin and raise issues related to the risk of investing in digital assets.
“As part of that, we also provide associates with Bitcoin education, sharing the risks and considerations that need to be evaluated before putting their after-tax money toward a Bitcoin savings plan.