Lava’s Zero-Fee Bitcoin Salary Conversion Gains Backing from USL’s Crognale

Bitcoin Magazine

Lava’s Zero-Fee Bitcoin Salary Conversion Gains Backing from USL’s Crognale

Lava, a leading bitcoin fintech company backed by Peter Thiel’s Founders Fund and Khosla Ventures, today announced 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. The investment aligns with the launch of Lava’s innovative “Get Paid in Bitcoin” feature, which enables users to seamlessly convert their paychecks into bitcoin with “zero fees”, according to a press release shared with Bitcoin Magazine.

Crognale, a defender for San Antonio FC, gained attention in 2021 when he opted to receive part of his salary in bitcoin. Since October 2021, when he publicly announced his first salary payment in bitcoin, the asset has grown roughly 136% to $124,000, giving him plenty of time to grow his bitcoin treasure with further salary payments in the meantime. 

While the size of Crognale’s investment in Lava was not disclosed, it nevertheless reflects his confidence in the company, whose mission is to make bitcoin accessible for everyday financial management. “As an athlete, I’ve always approached my career with discipline and a focus on the long game—that’s why I became the first USL player to get paid in bitcoin,” Crognale said in the press release, adding that “with Lava, I see a company that’s also building for the long term and creating products that Bitcoiners need, to maximize and protect their savings—today and into the future. I’m excited to be both an investor and a user!”

Lava’s “Get Paid in Bitcoin” feature allows users to direct-deposit their paychecks into the Lava app, available on iOS and Android, and automatically convert them into bitcoin without incurring fees. This feature supports dollar-cost averaging (DCA), a strategy favored by bitcoin investors for its ability to mitigate volatility through regular purchases regardless of the price. Additionally, Lava enables users to borrow against their bitcoin holdings, allowing them to spend dollars while retaining potential upside from their bitcoin investments.

Shehzan Maredia, CEO of Lava, cited Crognale as an inspiration and said he hopes more people will consider putting a portion of their paycheck directly into bitcoin, “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,” he added. 

The launch of this feature positions Lava as a leader in bridging traditional finance with bitcoin adoption, catering to a growing audience of individuals and businesses seeking to integrate cryptocurrency into their financial strategies. Their platform has a strong focus on self-custody, integrating their services deeply with the Bitcoin network, while supporting USD and USDC payouts, making it a “decentralized finance” company by most measures. By eliminating conversion fees from bitcoin purchases, Lava removes a significant barrier to entry, making it easier for users to stack sats—a popular term in the bitcoin community for accumulating small but significant amounts of the cryptocurrency over time.

This post Lava’s Zero-Fee Bitcoin Salary Conversion Gains Backing from USL’s Crognale first appeared on Bitcoin Magazine and is written by Juan Galt.