Now that the cryptocurrency industry has seen a lot of progress and adoption in the past couple of years, it has now started gaining mainstream adoption. The industry has been gaining constant adoption from different sectors from around the world. Several companies are coming up with innovative ideas to adopt cryptocurrency technology.
There are several companies that are aiming to facilitate their employees and workers through cryptocurrencies. One of the very first companies aiming to facilitate their employees through cryptocurrencies was SBI eSports.
It was back in September of 2020 when SBI eSports announced that it was going to pay its employees in cryptocurrencies. Therefore, the e-gaming platform announced that it was going to pay all of its e-players with the 3rd largest cryptocurrency in the world ‘XRP’.
Recently, an NFL player revealed that his management has agreed to start paying half his salary in Bitcoin (BTC).
After the above developments, a software development services provider known as Sequoia Holdings has also taken the same initiative. According to the sources, the company has given an option to its staff members in regards to cryptocurrencies.
It has proposed to its employees that they can dedicate a portion of their salaries that they can invest in cryptocurrencies.
Sequoia Holdings is a software development services provider that is based in Reston, Virginia. The firm is known for providing analytic and engineering solutions to the national security sector of the United States. In addition to the national security sector, the firm also provides services to homeland security, intelligence, and defense departments.
Based on the recent proposal put forth by the firm, the employees will be able to dedicate a certain portion of their salary. The employees can then invest the particular portion for investing in Ethereum (ETH), Bitcoin (BTC), and Bitcoin Cash (BCH).
Sequoia Holdings is known for drawing an analogy with widespread 401k, for the retirement savings plans, it offers to other employees in the US. However, in the case of the deferral offered to the Sequoia Holdings’ employees, the deferral amount will be calculated after the deduction of tax.
However, the firm is yet to reveal any more details surrounding the implementation of the proposal and how it will be managed. At present some of the most important questions around the proposal are related to the portion and withholding of taxes.
The first question is that what portion of the salary will be dedicated to investment in cryptocurrencies. The second question is which third-party company will be responsible for withholding the taxes. Furthermore, which third-party company will be responsible for converting the particular portion of the salaries in the desired cryptocurrencies?
In addition to the above, the same third-party company will be responsible for managing the digital wallets used for cryptocurrency investments.