RESTON, Va., Jan. 21, 2021 /PRNewswire/ — Sequoia Holdings LLC has begun providing staff the choice to obtain a portion of their wage in cryptocurrencies like Bitcoin.
“We’re excited to supply the members of our workforce this new profit,” mentioned T. Richard Stroupe, Jr., co-founder and CEO of Sequoia. “A lot of our staff are enthusiastic supporters of cryptocurrency, and we’re joyful to assist them achieve publicity to this trillion-dollar asset class.”
Beneath the brand new program, Sequoia staff might elect to defer a portion of their wage into Bitcoin, Bitcoin Money, or the Ethereum platform’s ether. The corporate is partnering with a third-party payroll processing agency to withhold taxes and convert the rest into cryptocurrency, which might be held in a digital pockets administered by the payroll processor.
The mechanism is much like how an worker would defer a portion of his or her wage towards a 401(ok) retirement financial savings plan. On this case, although, the deferral is after tax.
Russell Okung, an offensive sort out for the Carolina Panthers of the Nationwide Soccer League, not too long ago made headlines for changing into the primary skilled soccer participant to obtain a portion of his wage in Bitcoin, in a lot the identical means that Sequoia staff might elect to.
“Cryptocurrency has emerged as an vital various to conventional investments like shares and bonds,” Stroupe mentioned. “We’re proud to offer the members of our workforce the power to simply spend money on cryptocurrency and construct their financial savings.”
Sequoia is an award-winning, employee-owned supplier of high-end software program improvement and engineering companies centered on enhancing the analytic, assortment, collaboration and sharing of knowledge. Headquartered in Reston, Virginia, we’re a workforce of passionate, devoted people who love collaborating to construct distinctive software program merchandise and options. Sequoia gives engineering and analytic options to the nationwide safety sector, together with the U.S. intelligence, protection and homeland safety communities. For extra data, go to www.sequoiainc.com.
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SOURCE Sequoia Holdings LLC