Swan Bitcoin Benefit Plan helps companies reward employees in crypto

Swan Bitcoin Benefit Plan helps companies reward employees in crypto

The first customers of the financial services provider's program will receive monthly bitcoin bonuses ranging from $50 to $100.

Wilson Auto Group, Voltage, Compton Magic and Everbowl are trying to convince their employees to accept Bitcoin through cryptocurrency payouts that are part of a unique benefit program created by Swan Bitcoin.

The four initial adopters of Swan's "Bitcoin Benefit Plan" for small businesses are offering $50 and $100 BTC bonuses to each employee each month.

"It's like a Bitcoin education club that's created in your company, and you all walk this path together with this common goal," Swan CEO Cory Klippsten said in a phone interview.

Swan, which provides Bitcoin-based services to businesses, hopes the monthly bonuses will be an important step in encouraging mainstream Bitcoin adoption. Klippsten said a good business benefit is usually worth more than its actual cost. Such plans generate enthusiasm for cryptocurrency and help people learn about it.

Each month, up to $100 in bitcoin is deposited directly into employees' Swan accounts. Companies participating in the program pay Swan $2 per month per employee and take a 1% transaction fee.

Wilson Auto Group, Compton Magic and Voltage, to name a few, have already received positive feedback from their employees.

"There is a 'stack sats' culture in Bitcoin, so being able to help team members stack more satoshis is a win-win for the culture and their long-term savings," Graham Krizek, founder and CEO of Bitcoin infrastructure company Voltage, told CoinDesk via email.

C.J. Wilson, a Bitcoin enthusiast and CEO of Wilson Auto Group, which owns car dealerships in Mississippi and Tennessee, said he is "trying to get his employees to accept Bitcoin with an orange pill." The allusion to the movie "The Matrix" has been adopted by Bitcoin advocates to describe such acceptance.

Wilson employee Chris Williams, who has already received $100 in two payments, is among the early converts, calling the program "awesome."

"It's fantastic. I received a deposit this morning ... I set up my account with my personal email and then it went right into my account," Williams said.