Taxes of top concern behind Bitcoin salaries, Exodus CEO says

Main cryptocurrency pockets supplier Exodus continues paying its staff in Bitcoin (BTC) regardless of the continued bear market, with the full market cap dropping below $1 trillion on Monday.

Since launching its software program crypto pockets again in 2015, Exodus has been paying its workers 100% in BTC, Exodus co-founder and CEO JP Richardson advised Cointelegraph.

The corporate continued to pay all its 300 staff in BTC even throughout main market downturns, by offering month-to-month payroll primarily based on their wage in U.S. {dollars}.

“For instance, if Bitcoin is $30,000 per token, and somebody makes $15,000 a month, they’ll get half a Bitcoin on the primary of that month,” Richardson famous.

Along with changing every wage to BTC every month, Exodus additionally provides a small proportion to each “paycheck” to account for the volatility. “This has helped us recruit those that stay dedicated to the mission of DeFi, whereas additionally accommodating folks with monetary obligations who nonetheless need to convert any proportion of their paycheck to fiat forex,” Richardson stated.

Exodus staff are free to transform their BTC pay to fiat or stablecoins, which is a “private funding selection that isn’t pushed by Exodus,” the CEO added.

Tax implications stay the most important query of staff in relation to a wage paid in Bitcoin, Richardson said:

“The most well-liked query we get from new staff is how their crypto wage impacts their taxes. That’s why we provide everybody a tax session with an accountant to correctly give them the training on how you can use Bitcoin and ensure they’re appropriately paying their taxes.”

Based on the CEO, a 3rd of Exodus’ crew members are positioned within the U.S. whereas the remaining is unfold out worldwide. On its official web site, Exodus mentions that some jurisdictions are extra restrictive than others in relation to Bitcoin funds, requiring staff to double verify whether or not it’s authorized or to not obtain Bitcoin as fee in some U.S. states.

Bitcoin salaries are a part of Exodus’ technique for enabling folks to “​expertise the monetary revolution from the entrance seats.” Such funds not solely enable staff to simply stack sats on their funding accounts but in addition intention to allow wage transparency. Based on the agency, everybody within the Exodus’ distant crew is aware of what their coworkers make, even the CEO.

Associated: Crypto crash wreaking havoc on DeFi protocols, CEXs

Richardson declined to touch upon whether or not the newest market sell-off had any direct affect on the corporate’s workers. “Whereas we now have been impacted — like the remainder of the market — by the crypto volatility, we stay centered on doubling right down to ship worth by a one-stop hub for Web3 by our multichain browser extension,” he summarized.