Sequoia Holdings — a software development services provider, not to be confused with the well-known venture capital firm Sequoia Capital — is offering its staff the option to set aside a portion of their salary and invest it in cryptocurrency.
Sequoia Holdings is headquartered in Reston, Virginia, and offers engineering and strategic solutions to the U.S. national security industry, including U.S. military, military, and homeland security services. It is also, in fact, an employee-owned company that indicates that the optional incorporation of cryptocurrencies into wage agreements may be a strong barometer of popular workers’ opinion.
The staff of the company would be free to opt to postpone a part of their salaries and to invest in either Bitcoin (BTC), Bitcoin Cash (BCH), or Ether (ETH). Although Sequoia Holdings draws an analogy with the widespread 401(k) retirement savings programs for most U.S. employers, the distinction here is that, in this situation, the deferral would be determined on the basis of the tax-deductible.
Sequoia Holdings does not specify the portion of the employee’s wages will be withheld if desired, nor does it designate a third-party payroll processing entity that would be responsible for withholding taxes and transferring the balance to the chosen cryptocurrency. Both crypto savings would be deposited in a digital wallet operated by the same third-party payroll processor.
In a statement for the company, Sequoia Holdings’ co-founder and CEO T. Richard Stroup Jr. said:
“Many of our employees are enthusiastic supporters of cryptocurrency, and we’re happy to help them gain exposure to this trillion-dollar asset class […] Cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds.”
Recall the high-profile report from December last year, when many news outlets reported that Russell Okung, the National Football League star, had opted to earn half his salary in Bitcoin. After an explanation, the spokeswoman for his employer, Carolina Panthers, clarified that the player’s salary was not paid specifically in the cryptocurrency, even though Okung himself had indicated that he may in fact want to spend a large portion of his earnings in crypto himself.
318 Interactions, 2 today