Software development services provider Sequoia Holdings has recently made a resolution to pay employees in cryptocurrencies. According to them, employees are to receive part of their income in various cryptocurrencies, including bitcoin.
The firm also noted in a press release today that the new service will enable employees to decide whether they want part of their salaries paid in either Bitcoin (BTC), Ethereum (ETH), or Bitcoin Cash (BCH).
Following the announcement, Sequoia has partnered with an unnamed third-party payroll processing company to facilitate the conversion of a portion of employees’ salaries, for those who agree to the initiative.
The conversion will be made after the anonymous firm must have deducted the stipulated tax from the salary and the cryptocurrencies will be stored in a digital assets wallet that it will also manage.
Sequoia noted that the plan is similar to certain solutions established by firms that enable employees to dedicate stipulated amounts of their salaries to a 401(k) retirement savings plan. For Sequoia, pay in cryptocurrencies’ can create an avenue for long-term investments for their employees.
However, the difference is that Sequoia’s initiative would only be implemented after tax has been deducted.
Commenting on the development, T. Richard Stroupe Jr., the co-founder and CEO of Sequoia, said:
“Many of our employees are enthusiastic supporters of cryptocurrency, and we’re happy to help them gain exposure to this trillion-dollar asset class…We’re proud to give the members of our team the ability to easily invest in cryptocurrency and build their savings”
He added that cryptocurrencies have become essential financial instruments and a better alternative to traditional assets, such as stocks and bonds.
Widespread Crypto Adoption Beckons
The development comes on the heels of increased interest in cryptocurrencies. Popular cryptocurrencies such as BTC and ETH reached new all-time highs (ATH) of more than $41900 and $1,400, respectively, earlier this month.
Although both cryptocurrencies have plummeted moments after recording the feat, there has been speculation that more investors will embrace the assets in the coming weeks.
With this initiative, it is clear that more people would gain exposure to cryptocurrencies, thus leading to a spike in asset prices.
In a similar development, U.S.-based payment company Aliant Payments announced that employees would receive part of their wages in BTC and Litecoin (LTC).