Sequoia Holdings, a software company is now allowing its employees to receive a portion of their salaries in bitcoin and other crypto assets.
Sequoia’s New Program Offers Crypto Options to Employees
According to a press release on Thursday (Jan. 21, 2021), Sequoia Holdings would introduce a new program that would give employees of the company the option to receive part of their salaries in Bitcoin. Other cryptocurrency options available include ether (ETH) and bitcoin cash (BCH).
The new program would be carried out through Sequoia’s collaboration with a third party payroll processing firm. The payroll processor would help to convert a portion of the salaries into crypto while withholding taxes. Also, the crypto would be held in a digital wallet administered by the firm.
Commenting on the latest development, T. Richard Stroupe, Jr Sequoia’s CEO and co-founder, noted that the company’s employees were pleased with the new system. Stroupe said:
“We’re excited to offer the members of our team this new benefit. Many of our employees are enthusiastic supporters of cryptocurrency, and we’re happy to help them gain exposure to this trillion-dollar asset class.”
The Sequoia CEO added:
“Cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds. We’re proud to give the members of our team the ability to easily invest in cryptocurrency and build their savings.”
Sequoia’s initiative is an indication that more companies and individuals in the institutional sector are becoming aware of the emerging technology. As reported by BTCManager earlier in January, Russell Okung became the first NFL player to be paid in bitcoin. According to the report, the player would be getting half of his salary in BTC.
Apart from Sequoia Holdings, other companies have also adopted bitcoin salary payments. Back in 2019, Netzmedien AG, a Swiss publishing company, announced that it would pay its employees their salaries in BTC instead of fiat.
Meanwhile, companies have also adopted crypto for dividend payout. In March 2020, Monex Group, a Japanese financial services company announced that shareholders would receive 500 yen ($4.8) worth of bitcoin as part of the year-end benefit package for 2019. Also, Japan-based fintech giant SBI Holdings offered shareholders the option to receive XRP as part of a dividend payout.