Sequoia Holdings LLC is now offering employees the ability to receive part of their salary in bitcoin or Ethereum.
Under this new program, Sequoia employees can elect to defer part of their salary into Bitcoin, Bitcoin Cash, or Ether. Sequoia Holdings LLC is partnering with a third-party payroll processing firm to withhold taxes and convert the rest into cryptocurrency. Which will then be held in a digital wallet administered by that payroll processor.
This is similar to how an employee can elect to defer a portion of their salary to a 401K retirement plan. The only difference is that, in this instance, the deferral occurs after taxes as opposed to before with the 401K.
Sequoia co-founder and CEO T. Richard Stroupe Jr. were thrilled following the announcement. “We’re excited to offer the members of our team this new benefit. Many of our employees are enthusiastic supporters of cryptocurrency. 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,” Stroupe added. “We’re proud to give the members of our team the ability to easily invest in cryptocurrency and build their savings.”
The idea of receiving a portion of your salary in crypto is slowly picking up steam and has already made its way to the NFL. Carolina Panthers offensive tackle Russell Okung recently became the first professional football player to receive part of his salary in Bitcoin.