Sequoia Holdings, an employee-owned, award-winning company providing high-end software and engineering services centered on collection, analytics, collaboration, and sharing of data, is now providing its employees with the option to receive some portion of their salaries in cryptocurrencies like Bitcoin.
According to the news, Sequoia Holdings will grant its employees an option to choose to invest some share of their salaries in cryptocurrencies i.e. Bitcoin (BTC), Bitcoin Cash (BCH), or Ether (ETH).
To put the plan to action, the company will partner with or hire a third-party payroll processing firm to convert the portion of salaries in crypto
after withholding the taxes from the salaries. The third-party payroll processing firm has not been named yet and the portion of salaries that will be transferred to crypto is also unrevealed.
The plan sounds similar to the 401(k) retirement plan (which allows employees to save some portion of their salaries in a manner that reduces the tax deduction), but the point of tax deduction distinct them, as in 401(k) the tax is not deducted until the employee is retired while in the program offered by Sequoia Holdings the tex will be deducted periodically.
This program explicates the firm’s faith in crypto as Sequoia Holdings stated:
“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.”
The Sequoia Holdings, based in Reston, Virginia, is the significant U.S. security assistant. It provides analytical and engineering solutions to the chief U.S security departments such as U.S. intelligence, defense, and homeland security.
Moreover, the participation of employees in the program can give us a valuable insight into the public minds that what opinion do they hold about crypto.
Former Ethereum Advisor Steven Nerayoff to Feature on John E. Deaton’s Podcast
A Complete Overview of Cryptocurrency Cloud Mining Platform – TopHash
9 Out of Every 10 Central Banks Around the World are Exploring CBDCs, Ripple Reports
XRP Is On Its Way to a Strong Comeback as Coin’s Rising Trading Volume Shows Growing Investor Interest
Research Uncovers Why XRP Is Japan’s Most Favored Cryptocurrency
Recent Press Release
CGMD Miner’s Low-Cost Coin Mining : Spend Less, Earn More!
As more players enter the cryptocurrency space, mining becomes more complex and requires more computing power. As a result, many...
Will Arbitrum Reach $1? ARB Struggles, SPCT Offers Better Prospects
As the crypto market recovers from Bitcoin’s (BTC) recent crash, Arbitrum (ARB) is enhancing its network capabilities to improve its...
Cardano (ADA) Lags, Analysts Predict VC Spectra (SPCT) Will Outpace it
Cardano’s (ADA) price has suffered despite the launch of Cardano’s Project Catalyst Testnet on August 25. Even when the news...
SUI and Hedera (HBAR) Slump Ahead of Token Unlocks, VC Spectra (SPCT) Gains Users
Token unlocks in crypto are typically bearish signs due to basic supply and demand. Analysts will keenly observe how Sui...
While Polkadot (DOT) Pauses, VC Spectra (SPCT) Offers a 220% Potential Upside!
VC Spectra (SPCT), a rising blockchain for investments and asset management, has grown considerably in its ongoing presale. Meanwhile, Polkadot...