Stone Ridge's bitcoin subsidiary NYDIG announced on July 14, 2022, that it had signed a multi-year contract with the New York Yankees of Major League Baseball (MLB).

NYDIG, which offers infrastructure solutions to financial institutions and companies looking to operate in the Bitcoin ecosystem, will serve as the official bitcoin payroll platform for the professional baseball team, according to the partnership announcement.

With the implementation of NYDIG's benefits plan, employees will be able to convert a portion of their salary to bitcoins. NYDIG says that "dozens of leading companies" are already utilizing its BSP service benefits. It is available to employees and there are no transaction or storage fees.

Yankees vice president of human resources, Aryn Sobo, said, "We are always looking for innovative ways to expand and improve our employee experience."

She added, "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."

To bridge the gap between Bitcoin and traditional finance, organizations can partner with third-party service providers, as the Yankees have done.

Research conducted by NYDIG shows that 36% of its employees under 30 would be interested in using Bitcoin as part of their compensation. Over two identical jobs offered by two different employers, one out of three survey respondents said they would prefer an employer that offered Bitcoin as an option.

Yankees players are not the only ones to be able to receive some of their salary in cryptocurrency; Drew Brees, former quarterback at NFL team the New Orleans Saints, joined NYDIG's Bitcoin Savings Plan in February.

Pavan A

CBW - External Analyst

INDIA