The software development service provider Sequoia Holdings now offers its employees the opportunity to receive part of their salary in cryptocurrency.
As part of the program, employees can move part of their salary to Bitcoin, Bitcoin Cash or the ether of the Ethereum platform.
Sequoia has brought in a third-party payroll company to withhold taxes and convert the rest into cryptocurrency that is kept in a processor-managed digital wallet.
The company compares the mechanism to how an employee would defer part of their salary toward a 401 (k) retirement plan even though the deferment is after tax.
Richard Stroupe, CEO of Sequoia, said, “Cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds. We pride ourselves on making our team members the ability to easily invest in cryptocurrency and build their savings.”
Bitcoin’s value recently soared from under $ 15,000 three months ago to over $ 40,000 in early January, before dropping to around $ 32,000 at pixel time.
With cryptocurrency soaring, the UK’s Financial Conduct Authority warned investors that if they accept speculative punts, they should be ready to lose all of their money.