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Texas-based bank Vantage Bank has joined the long list of banking institutions that are embracing Bitcoin and cryptocurrencies as demand for digital assets soars.
The bank recently declared its intentions to offer its employees savings plans in Bitcoin (BTC).
According to the bank, the product will be introduced as an alternative to conventional fiat savings plans. However, the fiat savings plans will still be available for those who do not want to switch.
The Program Will Be Offered Via The Bank’s Third-Party
Executive Vice President, Eric Thompson, while commenting on the development, noted that one of the bank’s partners presented the idea, and it has made consultations with employees about it. The Bitcoin saving option has been embraced by several workers, which will enable more adoption of the flagship crypto asset. It will be offered by NYDIG Bitcoin Strategy Fund, a subsidiary of Stone Ridge.
Thompson stated that the Bitcoin savings plan will enable the employees to automatically keep a part of their salaries and convert it to Bitcoin. It’s another way to encourage Bitcoin adoption
The New Program Could Encourage Bitcoin Adoption
After converting the digital assets, they will be kept on NYDIG’s institutional-grade custody platform, which maintains a high standard of security and regulation for crypto assets. Chief Executive Officer of Vantage Bank, Jeff Sinnot also spoke in line with Thompson’s views.
He stated that one of the main goals for Vantage is to ensure that the company evolves with new financial technologies. To stay true to this goal, the firm provides associates with education about Bitcoin. It also shares the considerations and risks within the industry before directing clients to register for the program. One of the benefits of the program is the increased level of education their customers will get from the program.
Although it has made concerted efforts to enable employees to diversify their savings plans, Vintage Bank still does not allow its customers to buy, trade, or sell crypto directly.
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