NYDIG is a bitcoin company powering a more inclusive economic system. Delivering technology and financial services through businesses, like your employer, NYDIG is the gateway to a new era of financial products that make bitcoin more accessible for all. NYDIG, founded in 2017, began by offering bitcoin solutions to institutional investors, including Fortune 100 companies and banks. With Bitcoin Savings Plan, NYDIG is now making its bitcoin platform available to employees of participating companies.
A bitcoin savings plan enables you to automatically purchase bitcoin using your paycheck. Specifically, NYDIG’s service allows you to allocate a portion of your post-tax US dollar earnings to programmatically purchase bitcoin on a recurring basis. The bitcoin purchased is held in an account with NYDIG. Through the Bitcoin Savings Plan web portal, you can enroll in the service, view your balances and transactions, sell bitcoin, and perform a variety of other functions.
A Bitcoin Savings Plan is one of the most simple, secure, and efficient ways to save bitcoin. Employers pay a fee to NYDIG to offer the benefit of a Bitcoin Savings Plan to employees. Employees do not pay any fees for secure bitcoin storage, nor do they pay any transaction fees as long as they remain an employee of the participating company.
You determine how much to allocate from your paycheck, usually in either dollar or percentage terms, to the Bitcoin Savings Plan. Each time you receive a paycheck, your contribution will be automatically deposited to your Bitcoin Savings Plan Cash Account, powered by MVB Bank, Member FDIC. The amount you deposit will then automatically be used to purchase bitcoin. Typically NYDIG will execute bitcoin purchases one (1) calendar day after the date the cash arrives at your Cash Account. Purchases are made at the CME CF Bitcoin Reference Rate (BRR) at 4:00 pm London Time each day.
There is no minimum amount you may contribute from your paycheck to the Bitcoin Savings Plan. Any amounts deposited into the Bitcoin Savings Plan Cash Account in excess of $1 will be swept to the Bitcoin Account to automatically purchase bitcoin.
You can log in to the Bitcoin Your Savings Plan web portal to sell any portion of your bitcoin holdings at any time, 24/7. Employees of participating companies do not pay any transaction fees. When attempting to sell a portion of your bitcoin holdings, you will be presented with a sell quote to review and confirm prior to completing the transaction. The price you see will be held for 30 seconds. Upon completion of the transaction the proceeds of the sale will be deposited into your Bitcoin Savings Plan Cash Account, where you can withdraw them to your external bank account(s).
The proceeds from your bitcoin sale transactions will be available in your Bitcoin Savings Plan Cash Account within approximately 1-3 business days. Once funds are available in your Cash Account, you may withdraw the funds to any external bank account that you control. You should see the funds in your external bank account in approximately 1-3 business days.
While you are enrolled in this service as an employee of a participating employer there are no transaction fees for buying or selling bitcoin. If you are no longer employed by a participating employer, you will be able to maintain your account with NYDIG if you wish, and will not be charged any fees related to secure bitcoin storage. Starting 30 days after your account is unlinked from a participating employer, you will be charged a transaction fee of 2% on all buy and sell transactions. These fees will be deducted from the total amount of each bitcoin transaction.
NYDIG safeguards bitcoin for individuals and Fortune 100 companies alike using its proprietary, institutional-grade bitcoin storage solution, which utilizes a multi-layered security system with 100% cold storage. NYDIG makes every effort to keep your bitcoin safe.
You can change or stop recurring bitcoin purchases at any time through the Bitcoin Savings Plan web portal or your payroll provider’s system. The Bitcoin Savings Plan allows flexible participation, so you may change, pause or stop your bitcoin purchases at any time.
Contact the NYDIG Client Experience Team at clientsupport@nydig.com or (833) 728-1920.
