Sequoia Holdings — a software development services provider, not to end up being confused with the well-known investment capital firm Sequoia Capital — is offering its staff members the option to set aside some of their salary and commit it in cryptocurrency.
Sequoia Holdings is based in Reston, Virginia and provides engineering and analytic methods to the United States national security industry, including the U. S. intelligence, defense and homeland safety departments. It is also, notably, an employee-owned firm, which suggests the optional integration of cryptocurrency into salary arrangements might be a good barometer of popular staff sentiment.
The company’s employees will be able to decide to defer a portion of their salary and have it invested in possibly Bitcoin ( BTC ), Bitcoin Cash ( BCH ) or Ether ( ETH ). While Sequoia Holdings draws an analogy with widespread 401(k) retirement savings plans for other U. H. employees, the difference here is the deferral will, in this case, end up being calculated after tax deduction.
Sequoia Holdings does not indicate what part of employees’ salary can be deferred if chosen, nor does it name the third-party payroll processing firm that will be accountable for withholding the taxes plus converting the remainder into the selected cryptocurrency. All crypto savings will be held in a digital jean pocket that will be managed by this particular same third-party payroll processor.
In a statement for the company, Sequoia Holdings’s co-founder and CEO P. Richard Stroup Jr. said:
“Many of our own employees are enthusiastic proponents of cryptocurrency, and our company is happy to help them gain exposure to this trillion-dollar resource class […] Cryptocurrency has emerged being an important alternative to traditional purchases like stocks and bonds. ”
Cointelegraph readers will remember the particular high-profile story from Dec of last year, when several news outlets claimed that National Football League participant Russell Okung was selecting 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 themself has hinted that he may indeed be choosing to get a significant portion of his return into crypto himself.