Software development services provider Sequoia Holdings has begun offering employees the option to receive part of their salary in cryptocurrency.
Sequoia has brought in 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 processor.
The firm likens the mechanism to how an employee would defer a portion of their salary toward a 401(k) retirement savings plan, although the deferral is after tax.
Richard Stroupe, CEO, Sequoia, says: “Cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds. We’re proud to give the members of our team the ability to easily invest in cryptocurrency and build their savings.”
Bitcoin has recently seen its value soar, from under $15,000 three months ago to over $40,000 in early January before a slump to around the $32,000 mark at pixel time.
With the cryptocurrency experiencing a surge in interest, the UK’s Financial Conduct Authority warned investors that they should be prepared to lose all their money if they take on speculative punts.
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