Cryptocurrency wallet firm Exodus CEO JP Richardson stated that it has been paying its entire staff on Bitcoin since the launch of its software wallet in 2015.
Exodus, the leading cryptocurrency wallet provider, continues to pay its employees in Bitcoin (BTC). Despite the ongoing beer market, the total market cap fell below $ 1 trillion on Monday.
Since launching its software Crypto Wallet in 2015, Exodus has been paying its employees 100% on BTC, Exodus co-founder and CEO JP Richardson told Cointelegraph.
The company continues to pay all its 300 employees in BTC even during major market downturns by providing monthly payroll based on their U.S. salaries.
Richardson noted, “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”.
Additionally, converting each salary to BTC each month, Exodus also adds a small percentage to every “paycheck” to account for the volatility. Richardson said, “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”.
Added to this the CEO 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”.
Tax implications remain the major question of staff when it comes to a salary paid in Bitcoin; Richardson specified:
“The most popular question we get from new employees is how their crypto salary impacts their taxes. That’s why we offer everyone a tax consultation with an accountant to properly give them the education on how to use Bitcoin and make sure they’re appropriately paying their taxes.”
According to the CEO, one-third of the members of the Exodus team are based in the United States, and the rest are spread worldwide. On its official website, Exodus noted that while some Bitcoin payments have more limited powers than others, in the United States, employees need to double-check whether it is legal to accept Bitcoin as a payment.
Bitcoin salaries are part of Exodus’ strategy for enabling people to “experience the financial revolution from the front seats.” Such payments not only allow employees to easily stack SAT on their investment accounts but also aim to enable pay transparency. According to the firm, everyone on Exodus’ remote team knows what their colleagues do, even the CEO.
Richardson failed to comment on whether the latest market sell-off had any direct impact on the company’s employees. “While we have been impacted — like the rest of the market — by the crypto volatility, we remain focused on doubling down to deliver value through a one-stop hub for Web3 through our multichain browser extension,” he said.
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