Lava’s Zero-Fee Bitcoin Salary Conversion Gains Backing from USL’s Crognale
Lava, a prominent bitcoin fintech company with backing from Peter Thiel’s Founders Fund and Khosla Ventures, has recently received an angel investment from Alex Crognale, the first professional soccer player in the United States League (USL) to receive a portion of his salary in bitcoin. This investment coincides with the launch of Lava’s innovative “Get Paid in Bitcoin” feature, which allows users to convert their paychecks into bitcoin seamlessly and without any fees, as mentioned in a press release shared with Bitcoin Magazine.
A Unique Investment from a Bitcoin Pioneer
Alex Crognale, a defender for San Antonio FC, made headlines in 2021 when he chose to receive part of his salary in bitcoin. Since publicly announcing his first bitcoin salary payment in October 2021, the value of his bitcoin holdings has surged by approximately 136% to $124,000, giving him significant growth potential with subsequent salary payments in bitcoin.
Empowering Bitcoin Adoption
Lava’s “Get Paid in Bitcoin” feature allows users to deposit their paychecks directly into the Lava app, available on both iOS and Android, and convert them into bitcoin without incurring any fees. This feature supports dollar-cost averaging (DCA), a strategy favored by bitcoin investors for its ability to mitigate volatility by making regular purchases regardless of the price fluctuations. Additionally, Lava enables users to borrow against their bitcoin holdings, enabling them to spend dollars while retaining the potential upside of their bitcoin investments.
Shehzan Maredia, the CEO of Lava, expressed his admiration for Crognale and his hope that more individuals will consider allocating a portion of their paycheck to bitcoin. Maredia stated, “I believe we’re moving towards a world where people save in bitcoin and spend in dollars. This is one of many tools we’re building to make that possible.”
Leading the Way in Bitcoin Integration
The introduction of this feature positions Lava as a frontrunner in bridging traditional finance with bitcoin adoption, catering to a growing audience of individuals and businesses looking to incorporate cryptocurrency into their financial strategies. With a strong emphasis on self-custody and deep integration with the Bitcoin network, Lava supports USD and USDC payouts, making it a decentralized finance company by most standards. By eliminating conversion fees from bitcoin purchases, Lava removes a significant barrier to entry, making it easier for users to accumulate bitcoin over time—a practice known as stacking sats within the bitcoin community.