Software development services provider, Sequoia Holdings, has recently made provision for its employees to receive part of their income in various cryptocurrencies, including bitcoin.
The firm 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), Ether (ETH), or Bitcoin Cash (BCH).
According to 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.
Furthermore, 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.
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 also 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 had plummeted moments after recording the feat, there have been speculations that more investors would embrace the assets in the coming weeks.
With the 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).
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Author: Lele Jima