March 9, 2021

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Sequoia Is Letting its Employees Get Paid in Bitcoin

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Software company Sequoia is now letting its employees get paid in Bitcoin, according to an announcement today. It will also let them get paid in Bitcoin Cash or Ethereum if they so wish.

“We’re excited to offer the members of our team this new benefit,” said T. Richard Stroupe, Jr., co-founder and CEO of Sequoia. “Many of our employees are enthusiastic supporters of cryptocurrency, and we’re happy to help them gain exposure to this trillion-dollar asset class.”

Employees can choose to defer a portion of their salary into cryptocurrency; the announcement did not state if that portion can rise to be 100%. The firm is working with a third-party payroll processing firm in order to manage taxes, which will be kept in fiat money, and hold the cryptocurrency.

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The firm noted that this is similar to how an employee may defer a portion of their salary toward a 401(k) retirement fund. However, the difference here is that this only applies to income after taxes have been paid.

“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.”

Update: This article originally referred to Sequoia, the venture capital firm. It has been corrected to show that this announcement is by Sequoia Holdings, a software company.

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