Sequoia Holdings, a Virginia-based software development services provider, announced that its employees will be able to receive their salary in cryptocurrency assets like Bitcoin, BCH and ETH.
According to the official announcement, many of Sequoia’s employees are enthusiastic supporters of cryptocurrencies. The technology company is collaborating with a third-party payroll processing firm to deduct relevant taxes and then covert the remaining amount in cryptocurrencies.
Finance Magnates earlier reported about the demand of Russell Okung, a player of Carolina Panthers in the American National Football League (NFL), to receive his annual salary in Bitcoin. Okung became the first player in the NFL to receive 50% of his $13 million annual fees in the world’s largest cryptocurrency.
In the latest announcement by Sequoia, the firm termed cryptocurrencies like Bitcoin as an emerging asset class. “We’re excited to offer the members of our team this new benefit. 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. We’re proud to give the members of our team the ability to easily invest in cryptocurrency and build their savings,” Richard Stroupe, Co-founder, and CEO of Sequoia said in a statement.
Growing Bitcoin Demand
The demand for Bitcoin and other cryptocurrency assets has grown significantly during the last few months. Several companies around the world are adopting digital currencies as a mode of payment. The rise in demand resulted in a substantial price gain for Bitcoin in the last 13 months. Bitcoin started last with a price level of around $7,000 and posted a 300% gain in 2020. BTC jumped above $40,000 during the first half of January 2021 but dropped nearly 20% in the last few days amid high selling pressure. Furthermore, Grayscale, the world’s largest crypto asset management firm, mentioned huge institutional demand for Bitcoin in its latest Q4 of 2020 report.