On July 14, 2022, the bitcoin company NYDIG, a subsidiary of Stone Ridge, announced that the firm inked a multi-year deal with the Major League Baseball (MLB) team the New York Yankees. According to the partnership announcement, NYDIG will be the professional baseball team’s “official bitcoin payroll platform.”
According to the bitcoin firm NYDIG’s announcement on Thursday, the company has entered a multi-year partnership with the American baseball team the New York Yankees. NYDIG says that the deal will provide Yankees’ employees access to the company’s Bitcoin Savings Plan (BSP).
The BSP product from NYDIG will give members of the Yankees organization the ability to convert a fraction of their payroll check into bitcoin (BTC). Employees can access this benefit via the NYDIG platform and there are no transaction or storage fees associated with the BSP product. NYDIG says that “dozens of leading companies” already leverage NYDIG’s BSP service benefits.
Aryn Sobo, the Yankees’ vice president of human resources, employment, and labor law, detailed that the baseball club is “always looking for innovative ways to expand and improve our employee experience.” The move comes at a time when young employees are choosing to get a portion of their pay in BTC. NYDIG research indicates that 36% of employees under 30 are interested in getting this type of payment. Sobo further remarked that “NYDIG made it easy to add Bitcoin to our roster of benefits.”
The Yankees’ vice president of human resources added:
We look forward to leveraging the NYDIG platform to offer this opportunity to our employees.
NYDIG’s deal with the New York Yankees is not the first time the company has partnered with a sports franchise. In mid-November 2021, NYDIG partnered with the National Basketball Association (NBA) team the Houston Rockets. A few weeks before the deal with the Rockets, the bitcoin-focused fintech firm disclosed that it was collaborating with MVB bank in order to offer white label bitcoin solutions to third parties. On Thursday, Kelly Brewster, the chief marketing officer at NYDIG, said the company looked forward to collaborating with the American baseball team.
“We’re proud to partner with our hometown team and an iconic sports franchise, the Yankees, to further our mission of bringing bitcoin to all,” Brewster said in a statement. “NYDIG is committed to helping our clients realize the full potential of bitcoin while providing the service and standards that have made our name synonymous with trust. For employees of the Yankees and beyond, the opportunity to allocate a small slice of their paycheck to a Bitcoin Savings Plan can be one of the most efficient ways to save bitcoin, and the dollar-cost averaging can smooth out the bumps along the way,” the NYDIG executive added.
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