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Virginia Tech Firm to avail crypto payment option to staff

CEO of Sequoia Holdings

January 26, 2021

Reading Time: 2 minutes

A software development service firm, Sequoia Holdings, is presenting to its employees the option to receive part of their salary in Bitcoins (BTC), Bitcoin Cash (BCH), or Ether (ETH). The Virginia-based tech firm will direct the digital currency subscription as part of the staff’s retirement plans.

Early adopters of cryptocurrency, precisely Bitcoins, enjoyed tremendous wealth gain as Bitcoins continued to rise in value. However, there are also tales of people who invested at the wrong time and lost a significant chunk of their money. These two facts question whether the Virginia tech firm employees should jump into the offer or practice a little reservation.

Why crypto adopt payment option

According to the CEO of Sequoia Holdings, T. Richard Stroup Jr., many of the tech firm’s employees are enthusiastic supporters of cryptocurrency. Therefore, the option to include the cryptocurrency option into their payment plan will be a great measure of popular sentiments among the employees.

The Virginia-based tech firm employees need to consider an essential factor when investing part of their salary into cryptocurrencies. Unlike the 401(k)-retirement savings plan that offers tax-advantage to subscribers, the portion they defer in this case will be tax-deducted before investment.

Sequoia Holdings has yet named the third-party processing firm, which will be withholding the taxes and investing the remaining amount into the digital currencies. Moreover, the Virginia tech firm does not specify the exact amount of the staff’s salary that can be set aside for the investment. It seems that the decision will be up to the employees themselves.

The Virginia tech firm is among the latest companies to offer its employees pay in bitcoins. In 2019, CoinCorner, a cryptocurrency firm, offered its staff the option to take their salaries in Bitcoin. One of their software developers, Zakk Lakin, chose to take 100% of his salary in bitcoins.

Late last year, news outlets reported that high profile National Football League player Russel Okung was choosing to take half of his salary in Bitcoin. Later, his employer, the Carolina Panthers, clarified that it was not investing the player’s earnings directly into Bitcoin. Okung was doing the investing himself. Nonetheless, the news still caused excitement over the payment in bitcoins option and continues to attract new adopters.

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