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Swan Bitcoin Benefit Plan Helps Companies Reward Employees in Crypto
Early customers of the financial services company's program are providing monthly bitcoin bonuses of between $50 and $100.
By Cam Thompson
Updated May 11, 2023, 4:15 p.m. Published May 6, 2022, 3:14 a.m.
Wilson Auto Group, Voltage, Compton Magic and Everbowl are trying to convince their employees to embrace bitcoin through payouts of the cryptocurrency that are part of a unique benefit program created by Swan Bitcoin.
The four early adopters of Swan’s “Bitcoin Benefit Plan” for small businesses are providing monthly $50 and $100 BTC bonuses to every employee each month.
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“It's like a bitcoin education club that gets spawned at your company, and you're all kind of going down this path with this shared purpose together,” Swan CEO Cory Klippsten said in a phone interview.
Swan, which offers bitcoin-based services for companies, hopes that monthly bonuses will be a major step in spurring mainstream bitcoin adoption. Klippsten said that a good company benefit usually has a greater perceived value than its actual cost. Such plans generate enthusiasm for the cryptocurrency and help people learn about it.
Each month, up to $100 in bitcoin is deposited directly into employees’ Swan accounts. Companies that participate in the program pay Swan $2 a month per employee and take a 1% transaction fee.
Wilson Auto Group, Compton Magic and Voltage, among others, are already receiving positive feedback from employees.
“There is a ‘Stack Sats’ culture in Bitcoin, so being able to help team members stack more satoshis is a win-win for 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 was “trying to orange pill” his employees to accept bitcoin. The reference 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 “genius."
“It's fantastic. I got a deposit this morning … I've set up my account with my own personal email and then it's gone straight into my account,” Williams said.
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