Bit2Me, the first company recognised by the Bank of Spain as a virtual currency service provider, has developed together with ATH21 the first crypto remuneration fund for employees. The product consists of a corporate loyalty fund based on several of the main cryptocurrencies on the market, reflecting ATH21’s confidence in cryptocurrencies.
The revenue to create this employee remuneration programme comes out of ATH21’s own profit. Each quarter, the blockchain technology firm will allocate 10% of its net profit to this virtual crypto wallet. This type of loyalty fund is much more attractive than traditional stock option plans or phantoms, as the tax treatment is more advantageous and the exit from the product is secure and measurable.
Bit2Me has collaborated with ATH21 in the development of this tangible incentive programme for employees. In addition to providing the cryptocurrencies, the Spanish exchange will buy, sell and exchange cryptocurrencies for fiat currency.
For Cristina Carrascosa, CEO of ATH21, retaining talent in an increasingly competitive market is key. “We have designed this instrument because stock option plans or phantom shares generate too much uncertainty and we want our teams to participate in our benefit without assuming costs or risks. For that reason, and because of the current market situation, many clients have asked us to help them implement it in their organizations. I believe this type of product is the future of corporate loyalty programmes.
In the opinion of Abel Peña, CSO of Bit2Me, “this agreement is a great example of a remuneration policy with the employee in mind, encouraging their motivation and permanence in the company, but with the certainty that it will materialize in the future”.
“From Bit2Me, we are delighted to bring peace of mind to ATH21 in its operations of buying, selling, exchanging, custody and future settlement of cryptocurrencies. With this type of programme, practices born out of the crypto ecosystem begin their journey into non-crypto sectors. And it is also a pleasure to be part of innovations that start- up Spanish companies like ATH21 and manage to take steps in the direction we are trying to promote, moving us closer to making Spain a global crypto benchmark”, says Peña.