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Blockchain & Crypto

US tech company to pay its employees in crypto

Jan 27, 2021

The option is similar to the 401 (k) retirement savings plan

Bitcoin crypto

US tech company to pay its employees in crypto. Source: pexels.com

Sequoia has started offering staff the option to receive a part of their salary in cryptocurrencies like Bitcoin.

With the new program, Sequoia employees may decide to defer a part of their salary in Bitcoin, Bitcoin Cash, or Ethereum. The company has partnered with a third-party payroll firm to withhold taxes and convert the remaining amount into cryptocurrency, which will be stored in a digital wallet managed by the payroll processor.

This mechanism is similar to how an employee sets aside a part of their salary for a 401 (k) retirement savings plan. However, in this case, the deferral is after taxes.

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 savingsrnrn
T. Richard Stroupe, Jr., co-founder and CEO of Sequoia

We’ve reported that Gemini will launch the Gemini Credit Card with cryptocurrency rewards. This has been accelerated by the acquisition of Blockrize, a fintech startup that has been building a credit card with cryptocurrency rewards.

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