Virginia tech firm offers staff option to get paid in Bitcoin, Ether

Jan 25, 2021 | CoinTelegraph News | 0 comments


The company will allow employees to defer a portion of their salary and receive it as part of a savings plan, denominated in either Bitcoin, Bitcoin Cash or Ether.

Sequoia Holdings — a software development services provider, not to be confused with the well-known venture capital firm Sequoia Capital — is offering its staff the option to set aside a portion of their salary and invest it in cryptocurrency.

Sequoia Holdings is based in Reston, Virginia and provides engineering and analytic solutions to the United States national security sector, including the U.S. intelligence, defense and homeland security departments. It is also, notably, an employee-owned firm, which suggests the optional integration of cryptocurrency into salary arrangements could be a good barometer of popular staff sentiment.

The company’s employees will be able to choose to defer a portion of their salary and have it invested in either Bitcoin (BTC), Bitcoin Cash (BCH) or Ether (ETH). While Sequoia Holdings draws an analogy with widespread 401(k) retirement savings plans for other U.S. employees, the difference here is that the deferral will, in this case, be calculated after tax deduction.

Sequoia Holdings does not indicate what portion of employees’ salary can be deferred if chosen, nor does it name the third-party payroll processing firm that will be responsible for withholding the taxes and converting the remainder into the chosen cryptocurrency. All crypto savings will be held in a digital wallet that will be managed by this same third-party payroll processor.

In a statement for the company, Sequoia Holdings’s co-founder and CEO T. Richard Stroup Jr. said:

“Many of our employees are enthusiastic supporters of cryptocurrency, and we’re happy to help them gain exposure to this trillion-dollar asset class […] Cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds.”

Cointelegraph readers will remember the high-profile story from December of last year, when several news outlets claimed that National Football League player Russell Okung was choosing to receive half his salary in Bitcoin. After clarification, a spokesperson for his employer, the Carolina Panthers, confirmed that the player’s salary was not being paid directly in the cryptocurrency, even though Okung himself has hinted that he may indeed be choosing to invest a significant portion of his earnings into crypto himself.

News Source from

Related Articles

Cboe files to list VanEck’s bitcoin ETF

Cboe files to list VanEck’s bitcoin ETF

Cboe Global Markets--the global equities exchange--filed a request with the Securities and Exchange Commission to list and trade shares of VanEck's bitcoin ETF. The firm's filing reignites VanEck's journey to launch an ETF tied to bitcoin in the US.  "Our filing...

Ethereum mining revenue breaks $1 billion for the first time in February

Ethereum mining revenue breaks $1 billion for the first time in February

Total Ethereum mining revenue reached $1.37 billion in February — a new record, according to data from The Block.  Ethereum mining revenue grew 65.1% between January and February. During that time, transaction fees grew 122.1%. Ethereum mining revenue often features a...

Damien Hirst Is Now Accepting Bitcoin and Ethereum for His Art

Damien Hirst Is Now Accepting Bitcoin and Ethereum for His Art

Damien Hirst—the British artist known for his preserved shark piece, The Physical Impossibility of Death in the Mind of Someone Living—has said he’s now taking Bitcoin and Ethereum as payment for a new run of prints. “For the first time, I’m accepting Cryptocurrency...

Pin It on Pinterest

Share This