Lava, a prominent bitcoin fintech firm supported by Peter Thiel’s Founders Fund and Khosla Ventures, has recently secured an angel investment from Alex Crognale. Crognale is notable for being the first professional soccer player in the United States League (USL) to receive part of his salary in bitcoin. This investment coincides with Lava’s introduction of its groundbreaking “Get Paid in Bitcoin” feature, which allows users to effortlessly convert their salaries into bitcoin without any fees, as highlighted in a press release shared with Bitcoin Magazine.
Alex Crognale, who plays as a defender for San Antonio FC, made headlines back in 2021 when he chose to receive some of his earnings in bitcoin. Since announcing this decision publicly that October, the value of bitcoin has surged approximately 136% to $124,000. This growth provides him ample opportunity to expand his collection of bitcoins through ongoing salary payments.
Although the exact amount Crognale invested in Lava remains undisclosed, it clearly demonstrates his trust in the company’s mission: making bitcoin accessible for everyday financial use. In a statement from the press release, Crognale remarked on how he approaches his sports career with discipline and foresight—qualities that led him to become the first USL player paid partly via bitcoin. He expressed enthusiasm about partnering with Lava due to their long-term vision and commitment to developing products that help Bitcoin enthusiasts maximize and safeguard their savings both now and moving forward.
The “Get Paid in Bitcoin” feature offered by Lava enables users on iOS or Android devices to deposit paychecks directly into its app where they can be converted into bitcoins automatically at no extra cost. This service facilitates dollar-cost averaging (DCA), an approach favored among investors seeking stability amidst market fluctuations through consistent purchases regardless of price changes over time; furthermore allowing them access loans against existing holdings so they may spend dollars while preserving potential gains associated with cryptocurrency investments.
Lava CEO Shehzan Maredia acknowledged Alex Crognale’s role as an inspiration behind these developments stating hope more individuals will consider directing portions paycheck toward acquiring cryptocurrencies like Bitcoins themselves: “I believe we’re heading towards future wherein people save using digital currencies yet continue spending traditional fiat,” adding further explanation regarding additional tools currently under development aimed at facilitating such transitions seamlessly possible across board.”
This innovative offering positions Lava firmly ahead competitors striving bridge gap between conventional finance systems burgeoning adoption rates surrounding decentralized alternatives worldwide audiences increasingly interested incorporating cryptocurrencies strategic planning efforts alongside existing monetary frameworks focusing heavily self-custody principles deep integration within broader network ecosystem supporting payouts denominated USD/USDC effectively rendering company true embodiment modern-day ‘decentralized finance’ model eliminating conversion-related expenses typically associated purchasing process thereby lowering entry barriers enabling users accumulate sats—a term widely recognized community referring gradual accumulation smaller amounts over extended periods ultimately leading substantial holdings overall wealth generation strategy employed many enthusiasts alike globally today.”
This article titled “Lava’s Zero-Fee Bitcoin Salary Conversion Gains Backing from USL’s Crognale” was initially published on Bitcoin Magazine by Juan Galt.