A tech firm based in Reston, Virginia, Sequoia Holdings, has given its staff the salary option of getting paid in Bitcoin and Ether.
A news post on cointelegraph stated that Sequoia Holdings, a software development firm, allows employees to get paid in Bitcoin, Ether, and Bitcoin Cash. They can decide on how much they want to receive or have like a savings plan.
Besides, the staff can also set a portion for investments in cryptocurrency. The tech firm Sequoia Holdings is based in Reston, Virginia, and specializes in engineering and analytic solutions.
Sequoia Holdings provide their services for the national security in the United States of America. Some of their clients include the defense, homeland security, and the U.S. intelligence departments.
The tech firm is an employee-owned firm that means they provide employees with the option of getting their salaries into cryptocurrency. Blockchain & CryptoCurrency News is a developer, IT professional, and blockchain enthusiast tweeted on the Virginia tech firm offering staff option to get paid in Bitcoin.
As of now, Sequoia Holdings is willing to offer its employees a portion of their payments in Bitcoin Cash (BCH), Bitcoin (BTC), and Ether (ETH). Additionally, the tech firm also provides staff with 401(k) retirement savings plans.
However, since they offer the cryptocurrency investment, it will be taken into account only after the tax deduction. The firm has not specifically said the payment portion to be deferred for cryptocurrency and named the third-party payroll processing firm for bitcoin.
The third-party payroll processing firm for bitcoin is responsible for withholding the taxes and converting the amount into cryptocurrency. The savings is then present in a digital wallet managed by the third-party payroll processor firm.
T. Richard Stroup Jr., who is the co-founder and CEO said, their employees are quite ecstatic about the new move. They have believed in the power of cryptocurrency and are keen to have their payments converted into crypto money.
There is no denying that cryptocurrency is an ideal method to save money and could be better than usual modes of investments like stocks and bonds. It is not the first instance of somebody wanting their payments in the form of cryptocurrency in America.