Software development and engineering firm Sequoia Holdings said it would allow employees to be paid in part in cryptocurrencies. In a statement, the company said it was beginning a program that would allow employees to defer portions of their salaries into bitcoin, bitcoin cash, or Ethereum.
Sequoia will partner with a third-party payroll processing firm to withhold taxes and convert the remainder into cryptocurrency, which will be held in a digital wallet administered by the payroll processor.
“We are excited to offer the members of our team this new benefit. Many of our employees are enthusiastic supporters of cryptocurrency, and we are happy to help them gain exposure to this trillion-dollar asset class,” chief executive officer Richard Stroupe said.
“Cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds,” Stroupe said. “We’re proud to give the members of our team the ability to easily invest in cryptocurrency and build their savings.”
In a statement, Sequoia cited a recent effort by offensive tackle Russell Okung of the Carolina Panthers to receive a portion of his salary in bitcoins.
In December, Okung tweeted “Paid in bitcoin” after he reached an agreement with the team to have part of his base salary diverted to a third-party mobile payment company to purchase bitcoin investments. However, a spokesperson for the NFL said it was inaccurate to say Okung was being paid in the cryptocurrency.
“The clubs pay the players in U.S. dollars. What the players or his agents do with the money is up to them,” the spokesperson said.
Bitcoin has fallen 10% in the last two days after touching a record high of $40,000 earlier this month. On Tuesday, Janet Yellen, President Joe Biden’s nominee for Treasury Secretary, said Congress should consider curtailing cryptocurrencies, citing “terrorist financing” and money laundering.
“Cryptocurrencies are a particular concern. I think many are used, at least in a transaction sense, mainly for illicit financing,” Yellen said.