Employees at software company Sequoia Holdings now have the option of being paid in bitcoin.
Sequoia Holdings will offer its employees’ salaries in cryptocurrencies such as Bitcoin, Bitcoin Cash, and Ethereum. The company did, however, state that, for the moment, only a portion of their salaries would be available in these cryptos.
According to the announcement, the company will also enter into a partnership with a payments company to provide fiat conversion. Sequoia will send the crypto-payments to its employees after tax has been deducted.
Sequoia is a software development company that provides engineering and analytic solutions to the national security sector in the United States (US). The firm’s clients include several agencies involved in US intelligence, defense, and homeland security.
According to the company’s CEO, Richard Stroupe, Jr:
“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.”
Stroupe, Jr., also said, “cryptocurrency has emerged as an important alternative to traditional investments like stocks and bonds.” The move comes as the cryptocurrency market performed strongly in 2020, despite the coronavirus pandemic.
A few weeks ago, Bitcoin broke its all-time high, rallying to $41,941.08 on January 8th. The cryptocurrency market also reached new highs as a whole, with the total market capitalization breaching $1 trillion for the first time.
Bitcoin is Mainstream
With an outperforming market, additional companies are climbing aboard. Wikipedia, Microsoft, and AT&T are the most popular companies accepting bitcoin, according to an HSB survey.
Moreover, crypto-centric firms like crypto-exchanges, analytics companies, and media outlets often pay exclusively in cryptocurrencies such as stablecoins. Even Tesla founder and CEO Elon Musk recently touted Bitcoin as a means to be paid.
Today, cryptocurrencies are mainstream. As the industry matures, expect investments from governments and institutions around the world to open up payments in cryptocurrencies by default.