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.