The option is similar to the 401 (k) retirement savings plan
Sequoia has started offering staff the option to receive a part of their salary in cryptocurrencies like Bitcoin.
With the new program, Sequoia employees may decide to defer a part of their salary in Bitcoin, Bitcoin Cash, or Ethereum. The company has partnered with a third-party payroll firm to withhold taxes and convert the remaining amount into cryptocurrency, which will be stored in a digital wallet managed by the payroll processor.
This mechanism is similar to how an employee sets aside a part of their salary for a 401 (k) retirement savings plan. However, in this case, the deferral is after taxes.
We’ve reported that Gemini will launch the Gemini Credit Card with cryptocurrency rewards. This has been accelerated by the acquisition of Blockrize, a fintech startup that has been building a credit card with cryptocurrency rewards.