Major cryptocurrency wallet provider Exodus continues having to pay its employees in Bitcoin (BTC) regardless of the ongoing bear market, using the total market cap shedding below $1 trillion on Monday.
Since launching its software crypto wallet in 2015, Exodus continues to be having to pay its staff 100% in BTC, Exodus co-founder and Chief executive officer JP Richardson told Cointelegraph.
The organization ongoing to pay for its 300 employees in BTC even during major market downturns, by supplying monthly payroll according to their salary in U.S. dollars.
“For example, if Bitcoin is $30,000 per token, and someone makes $15,000 per month, they’ll get half a Bitcoin around the to begin that month,” Richardson noted.
Additionally to converting each salary to BTC every month, Exodus also adds a small % to each “paycheck” to take into account the volatility. “This helps us recruit individuals who remain dedicated to the mission of DeFi, whilst accommodating individuals with obligations who still wish to convert any number of their paycheck to fiat currency,” Richardson stated.
Exodus employees can convert their BTC pay to fiat or stablecoins, that is a “personal investment choice that isn’t driven by Exodus,” the Chief executive officer added.
Tax implications remain the greatest question of employees with regards to an income compensated in Bitcoin, Richardson mentioned:
“The most widely used question we obtain from new employees is when their crypto salary impacts their taxes. That is why we provide everybody a tax consultation by having an accountant to correctly provide them with the training regarding how to use Bitcoin and make certain they’re appropriately having to pay their taxes.”
Based on the Chief executive officer, another of Exodus’ team people come in the U.S. as the rest is disseminate worldwide. On its official website, Exodus mentions that some jurisdictions tend to be more restrictive than the others with regards to Bitcoin payments, requiring employees to make sure whether it’s legal or otherwise to get Bitcoin as payment in certain U.S. states.
Bitcoin salaries are members of Exodus’ technique for enabling individuals to “experience the financial revolution in the front seats.” Such payments not just allow employees to simply stack sats on their own investment accounts but additionally try to enable salary transparency. Based on the firm, everybody within the Exodus’ remote team knows what their coworkers make, the Chief executive officer.
Related: Crypto crash wreaking damage to DeFi protocols, CEXs
Richardson declined to discuss if the latest market sell-off had any direct effect on their staff. “While we’ve been impacted — like all of those other market — through the crypto volatility, we remain centered on doubling lower to provide value via a one-stop hub for Web3 through our multichain browser extension,” he summarized.
