Sequoia Holdings — a software program growth providers supplier, to not be confused with the well-known enterprise capital agency Sequoia Capital — is offering its employees the choice to put aside a portion of their wage and make investments it in cryptocurrency.
Sequoia Holdings is predicated in Reston, Virginia and gives engineering and analytic options to america nationwide safety sector, together with the U.S. intelligence, protection and homeland safety departments. It’s also, notably, an employee-owned agency, which suggests the non-compulsory integration of cryptocurrency into wage preparations could possibly be an excellent barometer of common employees sentiment.
The corporate’s staff will be capable to select to defer a portion of their wage and have it invested in both Bitcoin (BTC), Bitcoin Money (BCH) or Ether (ETH). Whereas Sequoia Holdings attracts an analogy with widespread 401(okay) retirement financial savings plans for different U.S. staff, the distinction right here is that the deferral will, on this case, be calculated after tax deduction.
Sequoia Holdings doesn’t point out what portion of staff’ wage might be deferred if chosen, nor does it title the third-party payroll processing agency that shall be chargeable for withholding the taxes and changing the rest into the chosen cryptocurrency. All crypto financial savings shall be held in a digital pockets that shall be managed by this similar third-party payroll processor.
In an announcement for the corporate, Sequoia Holdings’s co-founder and CEO T. Richard Stroup Jr. mentioned:
“Lots of our staff are enthusiastic supporters of cryptocurrency, and we’re completely satisfied to assist them acquire publicity to this trillion-dollar asset class […] Cryptocurrency has emerged as an necessary different to conventional investments like shares and bonds.”
Cointelegraph readers will bear in mind the high-profile story from December of final yr, when a number of information retailers claimed that Nationwide Soccer League participant Russell Okung was selecting to receive half his salary in Bitcoin. After clarification, a spokesperson for his employer, the Carolina Panthers, confirmed that the participant’s wage was not being paid straight within the cryptocurrency, though Okung himself has hinted that he might certainly be selecting to take a position a good portion of his earnings into crypto himself.