RESTON, Va.;, January 21, 2021 / PRNewswire / – Sequoia Holdings LLC has begun offering employees the option to receive a portion of their salary in cryptocurrencies such as Bitcoin.
“We are excited to offer this new benefit to our team members,” said T. Richard Stroupe, Jr., co-founder and CEO of Sequoia. “Many of our employees are avid fans of cryptocurrency, and we are happy to help them get in touch with this trillion-dollar asset class.”
Under the new program, Sequoia employees can choose to defer a portion of their salary into Bitcoin, Bitcoin Cash, or Ethereum platform ether. The company partners with a third-party payroll processing company to withhold taxes and convert the remainder into cryptocurrency, which will be stored in a digital wallet administered by the payroll processor.
The mechanism is similar to how an employee would defer a portion of his or her salary toward a 401 (k) retirement savings plan. In this case, however, the post-tax deferral.
Russell Okung, an offensive tackle for the Carolina Panthers of the National Football League, recently made headlines for becoming the first professional footballer to receive a portion of his salary in Bitcoin, just as Sequoia employees can choose .
“Cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds,” Stroupe said. “We are excited to give our team members the ability to easily invest in cryptocurrency and build their savings.”
Sequoia is an award-winning, employee-owned provider of high-end software development and engineering services focused on analytical improvement, collection, collaboration, and data sharing. Headquarters in Reston, Virginia, we are a team of passionate, dedicated individuals who love to collaborate to build exceptional software products and solutions. Sequoia provides engineering and analytical solutions to the national security sector, including the US homeland intelligence, defense and security communities. For more information, visit www.sequoiainc.com.
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SOURCE Sequoia Holdings LLC