Software firm offers Bitcoin (BTC), Ether (ETH), and Bitcoin Cash (BCH) as part of employees’ compensation package
Tue, 26 Jan 2021, 12:32 pm UTC
The crypto market’s rally saw Bitcoin (BTC) and Ether (ETH) set their respective all-time highs this month. With crypto’s attractively high prices at the moment, some companies are now giving their employees the option of getting a portion of their salary in cryptocurrency.
For instance, Sequoia Holdings is giving its employees the option to receive part of their salary in cryptocurrency, according to Cointelegraph. Sequoia Holdings is an employee-owned software development services provider based in Virginia that provides engineering and analytics solutions to the U.S.’s defense, homeland security, and intelligence departments.
The new salary arrangement being offered seems to indicate that crypto is popular among the firm’s staff. “Many of our employees are enthusiastic supporters of cryptocurrency, and we're happy to help them gain exposure to this trillion-dollar asset class,” Sequoia Holdings co-founder and CEO T. Richard Stroup Jr. said.
Should employees decide to avail of the offer, they have the option to defer a portion of their salary and invest it to a crypto of their choice. According to CrowdFundInsider.com, the available cryptocurrencies covered under the company’s program include Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH).
Sequoia likens the new scheme to how an employee would defer an amount from his salary and place it to a 401(k) plan. The difference in the crypto’s case is that the deferral will be calculated after taxes.
“Cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds,” Stroup said. “We’re proud to give the members of our team the ability to easily invest in cryptocurrency and build their savings.”
The crypto market’s rally, which started last year, saw Bitcoin increase its price by tenfold in just under a year. BTC, which was trading below $,4000 on March 2020, set a new record earlier this month when it soared past $41,000.
Similarly, Ether (ETH) posted massive gains recently and even doubled its price in less than a month. The crypto smashed its previous all-time high of $1,432.88 which was set on January 13, 2018, when it soared to $1,439.33 around 12:00 UTC on January 19, 2021.
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