RESTON — On January 21, Sequoia Holdings LLC announced that their employees can opt into receiving portions of their salary in cryptocurrencies. The new program enables workers to defer parts of their compensation into Bitcoin, Bitcoin Cash, and Ether, the proprietary cryptocurrency of the Ethereum platform.
“Many of our employees are enthusiastic supporters of cryptocurrency, and we’re happy to help them gain exposure to this trillion-dollar asset class,” said co-founder and CEO T. Richard Stroupe, Jr, in a press release.
Sequoia Holdings also said that they will be partnering with a third-party payroll processing firm, which will “withhold taxes and convert the remainder into cryptocurrency.” That denomination will be held in a “digital wallet” administered by the payroll firm.
The company has likened this system to a 401(k) retirement savings plan, an employer-sponsored retirement account employees can contribute to. “In this case, though, the deferral is after tax,” Sequoia Holdings added.
“Cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds,” Stroupe said in the release. “We’re proud to give the members of our team the ability to easily invest in cryptocurrency and build their savings.”
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