New York Yankees Players, Staff Now Able to Convert Salary Into Bitcoin

Investment company NYDIG signed a multi-year partnership with MLB outfit New York Yankees to allow the team’s players to convert part of their salary into Bitcoin.

“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,” Kelly Brewster, chief marketing officer at NYDIG, said in a statement.

NYDIG is a Bitcoin-centric subsidiary of asset manager Stone Ridge Holdings Group that offers infrastructure solutions for companies and financial institutions looking to operate within the Bitcoin ecosystem

The firm’s products include a Bitcoin Savings Plan (BSP) that allows employees of organizations to convert a certain amount of their post-tax salary into the leading cryptocurrency. The best part, according to NYDIG, is that customers pay no transaction fees.

“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,” added Brewster.

Young people seek exposure to Bitcoin

The company’s recent research showed that 36% of employees under 30 would be interested in allocating a portion of their pay to Bitcoin.

Nearly one in three employees that participated in the survey said that if they had to choose between two identical jobs at different employers, they would go for an employer that would offer a Bitcoin option.

The price of the leading cryptocurrency fell heavily in the past two months following the collapse of the Terra ecosystem and the liquidity crisis faced by several prominent crypto companies, including Celsius, Three Arrows, and Voyager Digital.

At the time of writing, Bitcoin was trading at $20,830, up 4.09% over the past 24 hours, according to CoinMarketCap.

"We are always looking for innovative ways to expand and improve our employee experience," said Aryn Sobo, Yankees Vice President. "NYDIG made it easy to add Bitcoin to our roster of benefits, and we look forward to leveraging the NYDIG platform to offer this opportunity to our employees."

And it’s not only the Yankees’ players who can now receive part of their salary in crypto.

Drew Brees, a former quarterback at NFL franchise the New Orleans Saints, elected to take part of his salary in Bitcoin through NYDIG’s Bitcoin Savings Plan, in February.

Even the New York mayor Eric Adams had a part of his salary converted into Bitcoin and Ethereum. To do so, Adams, however, opted for Coinbase, the U.S. largest regulated crypto exchange, to make the transaction.