Software publisher Sequoia Holdings now allows its employees to receive part of their remuneration in the form of cryptocurrencies. Employees have the choice between ETH, BTC and BCH.
MicroStrategy is now a software development specialist heavily invested in Bitcoin. Another player in the software industry is in turn taking a step in favor of the adoption of cryptocurrencies. But not as an investor.
Software expert, Sequoia Holdings announces that it will now allow employees who wish to receive a salary in crypto. But a priori not all their remuneration. Without specifying, the publisher mentions a "portion" of this remuneration.
The crypto salary, a "new advantage"
“Many of our employees are enthusiastic supporters of cryptocurrency. And we're happy to help them gain exposure to this trillion-dollar asset class, "said CEO Richard Stroupe.
For the manager, this option constitutes a “new advantage” for his staff. For this new salary program, Sequoia Holdings therefore chooses to favor three benchmark cryptocurrencies.
The part of the salary paid in the form of crypto can thus be done via Bitcoin, Bitcoin Cash or theEther, the native token of the Ethereum blockchain. There is no question, however, for the publisher of becoming a crypto specialist.
“The company has partnered with a third-party payroll processing company to withhold taxes and convert the rest into crypto currency. It will be kept in a digital wallet administered by the payroll processing company, ”he explains.
Part of the salary converted into a crypto investment
And to justify this new salary, the American company takes for example a top athlete, Russell Okung. The US football player was recently talking about him by receiving 50% of his salary in Bitcoin.
Sequoia Holdings therefore offers its staff to transform their remuneration into investments. "Cryptocurrency has emerged as a major alternative to traditional investments such as stocks and bonds", judges its CEO.
“We are proud to give our team members the ability to easily invest in cryptocurrency and build their savings,” he concludes. The current trend in the crypto market, however, could make such an option a significant risk.
Several institutional experts are indeed warning against a sharp decline in Bitcoin, like JPMorgan and Guggenheim. BTC would thus constitute "the least reliable hedge in times of acute market stress". Before converting your salary into cryptocurrency, maybe it's best to wait for prices to stabilize somewhat.