Sequoia Holdings – a software development service provider, not to be confused with the well-known venture capital company Sequoia Capital – offers its employees the opportunity to set aside part of their salaries and invest in cryptocurrency.
Sequoia Holdings is headquartered in Reston, Virginia, and provides technical and analytical solutions for the US national security sector, including intelligence, defense, and homeland security. In particular, it’s also an employee-owned company, suggesting that the optional inclusion of cryptocurrency in salary agreements could be a good barometer of employee sentiment among the population.
The company’s employees can defer part of their salary and invest in either Bitcoin (BTC), Bitcoin Cash (BCH), or Ether (ETH). While Sequoia Holdings draws an analogy to popular 401 (k) retirement plans for other U.S. employees, the difference is that in this case the deferral is calculated after tax.
Sequoia Holdings does not disclose what portion of employees’ salaries can be deferred upon selection, nor does it mention a third-party payroll company that is responsible for withholding taxes and converting the remaining balance into the chosen cryptocurrency. All crypto savings are stored in a digital wallet that is managed by the same third party payroll service provider.
In a statement to the company, Sequoia Holdings Co-Founder and CEO T. Richard Stroup Jr:
“Many of our employees are avid supporters of cryptocurrency and we are excited to help them get exposure to this trillion dollar asset class. […] Cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds. “
Cointelegraph readers will remember the high-profile story from December 2020 when several news outlets claimed that National Football League player Russell Okung wanted to get half of his salary in bitcoin. Following clarification, a spokesman for his employer, the Carolina Panthers, confirmed that the player’s salary was not paid directly in cryptocurrency, despite Okung himself hinting that he actually wants to invest a significant portion of his income in crypto himself.