Lava, a number one bitcoin fintech firm backed by Peter Thiel’s Founders Fund and Khosla Ventures, at present introduced an angel funding from Alex Crognale, the primary skilled soccer participant in the US League (USL) to obtain a portion of his wage in bitcoin. The funding aligns with the launch of Lava’s modern “Get Paid in Bitcoin” function, which allows customers to seamlessly convert their paychecks into bitcoin with “zero charges”, in keeping with a press launch shared with Bitcoin Journal.
Crognale, a defender for San Antonio FC, gained consideration in 2021 when he opted to obtain a part of his wage in bitcoin. Since October 2021, when he publicly introduced his first wage fee in bitcoin, the asset has grown roughly 136% to $124,000, giving him loads of time to develop his bitcoin treasure with additional wage funds within the meantime.
Whereas the scale of Crognale’s funding in Lava was not disclosed, it however displays his confidence within the firm, whose mission is to make bitcoin accessible for on a regular basis monetary administration. “As an athlete, I’ve at all times approached my profession with self-discipline and a concentrate on the lengthy recreation—that’s why I turned the primary USL participant to receives a commission in bitcoin,” Crognale stated within the press launch, including that “with Lava, I see an organization that’s additionally constructing for the long run and creating merchandise that Bitcoiners want, to maximise and shield their financial savings—at present and into the longer term. I’m excited to be each an investor and a person!”
Lava’s “Get Paid in Bitcoin” function permits customers to direct-deposit their paychecks into the Lava app, obtainable on iOS and Android, and mechanically convert them into bitcoin with out incurring charges. This function helps dollar-cost averaging (DCA), a method favored by bitcoin buyers for its skill to mitigate volatility by common purchases whatever the worth. Moreover, Lava allows customers to borrow in opposition to their bitcoin holdings, permitting them to spend {dollars} whereas retaining potential upside from their bitcoin investments.
Shehzan Maredia, CEO of Lava, cited Crognale as an inspiration and stated he hopes extra individuals will contemplate placing a portion of their paycheck immediately into bitcoin, “I imagine we’re transferring in direction of a world the place individuals save in bitcoin and spend in {dollars}. That is considered one of many instruments we’re constructing to make that doable,” he added.
The launch of this function positions Lava as a pacesetter in bridging conventional finance with bitcoin adoption, catering to a rising viewers of people and companies in search of to combine cryptocurrency into their monetary methods. Their platform has a robust concentrate on self-custody, integrating their companies deeply with the Bitcoin community, whereas supporting USD and USDC payouts, making it a “decentralized finance” firm by most measures. By eliminating conversion charges from bitcoin purchases, Lava removes a big barrier to entry, making it simpler for customers to stack sats—a well-liked time period within the bitcoin neighborhood for accumulating small however vital quantities of the cryptocurrency over time.
