Taxes of top concern behind Bitcoin salaries, Exodus CEO says
Major cryptocurrency wallet provider Exodus continues paying its employees in Bitcoin (BTC) despite the ongoing bear market, with the total market cap dropping below $1 trillion on Monday.
Since launching its software crypto wallet back in 2015, Exodus has been paying its staff 100% in BTC, Exodus co-founder and CEO JP Richardson told Cointelegraph.
The company continued to pay all its 300 employees in BTC even during major market downturns, by providing monthly payroll based on their salary in U.S. dollars.
“For example, if Bitcoin is $30,000 per token, and someone makes $15,000 a month, they’ll get half a Bitcoin on the first of that month,” Richardson noted.
In addition to converting each salary to BTC each month, Exodus also adds a small percentage to every “paycheck” to account for the volatility. “This has helped us recruit those who remain committed to the mission of DeFi, while also accommodating people with financial obligations who still want to convert any percentage of their paycheck to fiat currency,” Richardson said.
Exodus employees are free to convert their BTC pay to fiat or stablecoins, which is a “personal investment choice that is not driven by Exodus,” the CEO added.
Tax implications remain the biggest question of employees when it comes to a salary paid in Bitcoin, Richardson stated:
According to the CEO, a third of Exodus’ team members are located in the U.S. while the rest is spread out worldwide. On its official website, Exodus mentions that some jurisdictions are more restrictive than others when it comes to Bitcoin payments, requiring employees to double check whether it’s legal or not to receive Bitcoin as payment in some U.S. states.
Bitcoin salaries are part of Exodus’ strategy for enabling people
Read more on cointelegraph.com
