Software development services provider Sequoia Holdings LLC has said that its employees can now receive a part of their salary in cryptocurrencies that they choose. Under the new program, employees can select to receive a portion of their salary in Bitcoin (BTC), Bitcoin Cash (BCH), or Ether (ETH). Sensing the rise in appreciation for cryptocurrencies, the software development company is hoping to provide an easier way for employees to gain exposure to them.
The co-founder and CEO of Sequoia, T. Richard Stroupe, Jr. has emphasized that its company employees have recently become more enthusiastic about cryptocurrencies. He adds:
"We're excited to offer the members of our team this new benefit. Many of our employees are enthusiastic supporters of cryptocurrency, and we're happy to help them gain exposure to this trillion-dollar asset class."
Sequoia is also partnering with a third-party payment processing firm to withhold all applicable taxes and make the necessary crypto conversions. Meanwhile, all the crypto payments will be held in a digital wallet controlled by the firm's payroll administrator.
"Cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds. We're proud to give the members of our team the ability to easily invest in cryptocurrency and build their savings."
Meanwhile, in related news, Russell Okung, a football player for the Carolina Panthers of the National Football League, recently became the first professional football player to receive a portion of his salary in Bitcoin. This comes in a much similar way to how an employee of Sequoia will receive its salary.
Sequoia provides high-end software development and engineering services for improving the analytic, collection, collaboration, and sharing of data. Sequoia also provides engineering and analytic solutions to the national security sector, including U.S. intelligence, defense, and homeland security.