Texas-based Vantage Bank announced plans to offer employees a savings plan where a portion of each paycheck can be saved in Bitcoin. Commenting on this new program, Vantage Bank’s chief of human resources Eric Thompson said:
“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.”
Any Vantage employee who wants to step away from traditional savings will be able to participate in the new Bitcoin savings plan. The New York Digital Investment Group (NYDIG), which is offering asset management, custody, and execution services for digital assets, will hold the converted Bitcoin.
In addition to the new savings plan, Vantage Bank is also educating its employees about cryptocurrency. Referring to the necessity of training, Thompson said:
“As part of that [the savings plan], we are also providing associates with education about Bitcoin, sharing the risks and considerations that should be evaluated before directing their post-tax dollars to a Bitcoin Savings Plan.”
Despite the modern approach to diversifying its employee’s savings plans, Vantage Banks does not facilitate buying, selling, or trading of crypto for its customers for now.
Crypto adoption in Texas
According to Thompson, the Bitcoin Savings Plan was a suggestion from one of the lender partners that had already started to apply it.
In addition, the state has also been taking bold steps to increase crypto adoption. For example, in May 2022, the Governor of Texas, Gregg Abbott, signed a law that made it easier for businesses to use crypto as collateral for loans.
Abbott also created the Work Group on Blockchain Matters, where industry leaders collaborate to lure crypto investors, developers, and miners to Texas. Recently, the Texas Blockchain Council wrote a draft bill to eliminate taxes on flared gas sales used to mine Bitcoins.