Sequoia Holdings allows employees to get their paycheck in BTC or Ethereum or even Bitcoin Cash, so let’s find out more in today’s cryptocurrency news.
The software company Sequoia Holdings allows its employees to get paid in BTC according to the new announcements made today and it will also let them get their paychecks in Ethereum or bitcoin Cash if they wish. Richard Stroupe who is the CEO of the company said:
“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.”
Today we announced our support to pay our employees in #Bitcoin or #Ethereum .. Many of our employees are enthusiastic supporters of #cryptocurrency and we’re proud to help them gain exposure to this emerging asset class. #teamsequoiahttps://t.co/YfyEXS03x5
— Sequoia Holdings (@sequoiainc) January 21, 2021
Employees can choose to defer the portion of their salary into crypto as the announcements didn’t really explain if that portion can increase to be 100%. The company is working with a third-party payroll processing company in order to manage the taxes which will eventually be kept in fiat money and will hold the cryptocurrency. They can also use an adp paystub generator to calculate their pay stubs easy and hassle-free.
The company noted that this is quite similar to how employees can defer a portion of the salary to a 401K retirement fund but the difference here is that it will only apply to income after taxes are paid:
“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.”
As reported previously on the software company, The Sequoia Capital China which is the subsidiary of Sequoia Capital allegedly prevented Zhao from raising money at favorable valuations. At the first hearing which will take place on June 25, the court will look into CZ’s demand and will determine whether he ‘’has sustained any and what damages.’’ The VC giant reportedly prevented the Binance CEO to raise capital from other inventors.
Zhao concluded that there is a weakness in the legal system and unprofessional behavior by the VC giant. He noted that such companies should help entrepreneurs and startups. Luckily, there are many entrepreneurs today that offer better options such as blockchain-based fundraising as he pointed out. Sequoia did not comment but as we know the company sued Zhao’s company over a funding deal. The court filings show that there was a negotiation on investment between CZ and Sequoia since August 2017 which should have given the VC giant 11$ stake in the company.
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Zhao denied these allegations at that time.
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