Sequoia Holdings -- a software development solutions supplier, not to be mistaken with the famous venture capital firm Sequoia Capital -- is supplying its own staff the choice to put aside a part of their wages and invest it into cryptocurrency.
Sequoia Holdings is based in Reston, Virginia and supplies analytical and engineering solutions to the United States national security industry, such as the U.S. intelligence, defense and homeland security sections. It's also, especially, an employee-owned company, which indicates that the optional integration of cryptocurrency into salary agreements might be a fantastic barometer of hot employees opinion.
While Sequoia Holdings brings an analogy using prevalent 401(k) retirement savings programs for other U.S. workers, the difference is that the deferral will, in this situation, be calculated following tax deduction.
Sequoia Holdings doesn't indicate what percentage of workers' salary may be postponed if selected, nor does it name the third party payroll processing company which will be responsible for withholding the taxation and converting the rest into the selected cryptocurrency. All crypto savings will probably be held in an electronic wallet which will be handled by this exact same third party citizenship processor.
"a number of our workers are enthusiastic fans of cryptocurrency, and we are pleased to help them achieve exposure to the trillion-dollar asset category [...] Cryptocurrency has emerged as a significant alternative to traditional investments such as stocks and bonds"
Cointelegraph readers will recall the high-profile narrative from December of this past year, when many news outlets maintained the National Football League player Russell Okung was picking to get half of his wages from Bitcoin. Following clarification, a spokesperson for his company, the Carolina Panthers, affirmed that the participant's salary wasn't being compensated straight in the cryptocurrency, though Okung himself has suggested he could indeed be opting to commit a substantial part of his earnings to crypto himself.