RESTON, go., January 21, 2021 / PRNewswire / – Sequoia Holdings LLC is now offering its employees the opportunity to receive a portion of their salaries in cryptocurrencies such as Bitcoin.
“We are excited to be able to offer this new benefit to the members of our team,” said T. Richard Stroupe, Jr., Co-Founder and CEO of Sequoia. “Many of our employees are avid supporters of cryptocurrency, and we are happy to help them get exposure to this trillion-dollar asset class.”
As part of the new program, Sequoia employees can move part of their salary to Bitcoin, Bitcoin Cash or the ethers of the Ethereum platform. The company works with an outside contract processing company to withhold taxes and convert the rest into cryptocurrency that is kept in a digital wallet managed by the contract processor.
The mechanism is similar to how an employee would move part of their salary to a 401 (k) retirement plan. In this case, however, the deferral is after tax.
Russell Okung, an offensive attack for the National Football League’s Carolina Panthers, recently made headlines about becoming the first professional soccer player to receive part of his salary in bitcoin, much like Sequoia employees could do.
“Cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds,” said Stroupe. “We pride ourselves on giving our team members the opportunity 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 improving analysis, collection, collaboration and data sharing. Headquarters in Reston, VirginiaWe are a team of passionate, dedicated people who love to work together to develop exceptional software products and solutions. Sequoia provides technical and analytical solutions to the national security sector, including the US intelligence, defense, and homeland security communities. More information is available at www.sequoiainc.com.
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SOURCE Sequoia Holdings LLC