Sequoia Holdings Says Employees Can Receive Salaries In Bitcoin
Virginia-based tech firm Sequoia Holdings has given its workers the option to take part in their salaries in Bitcoin (BTC), Ethereum (ETH), or Bitcoin Cash (BTH).
According to the software development service provider, employees can choose to defer their salary into either of the three cryptocurrencies of their choice.
To accommodate this type of salary payment plan, the company has contracted a third-party to handle the tax withholding and conversion of fiat currency into cryptocurrency for the employees.
The crypto market drawing more mainstream interest
This development is coming at a time when the Bitcoin and cryptocurrency market is seeing a high level of volatility. Many crypto assets have doubled their value within the past month. Less than 6 months ago, Bitcoin was struggling to hit the $10,000 resistance.
Fast forward to today, the coin is now valued at about $32,000. It even crossed the $40,000 resistance at some point earlier this year before retracting to its current level.
Other crypto assets are also seeing massive gains, except for Ripple, which is facing serious legal issues with the U.S. regulator SEC.
However, as the crypto industry continues to boom, some financial watchdogs have warned against the high volatility in the market. U.K’s Financial Conduct Authority (FCA) stated recently that people should be ready to lose all their money when they continue taking on speculative punts with crypto assets.
Sequoia Holdings offers analytic and engineering solutions to the US national security sector, including homeland security, defense, and U.S. intelligence departments. As an employee-owned firm, it’s not too surprising it wants to integrate crypto payments as salary options for its employees.
An exciting prospect for crypto enthusiastic employees
According to the company, the new option is similar to the conventional option of deferring part of their salary to a 401(k) retirement savings, but the only difference is the deferral is after tax.
Co-founder and Chief Executive Officer of Sequoia Richard Stroupe commented on the development, saying the company is excited to give such an option for its employees at this time.
“Many of our employees are enthusiastic supporters of cryptocurrency,” he said, adding that the firm wants to help the employees gain more exposure to the futuristic asset class.
Stroupe also stated that crypto assets are now considered important alternatives to conventional investment assets such as stocks and bonds. As a result, it wants to encourage its team to invest in crypto-assets and build their investment portfolio.