Vinkmag ad

Taxes of high concern behind Bitcoin salaries, Exodus CEO says

Vinkmag ad


Major cryptocurrency pockets supplier Exodus continues paying its workers in Bitcoin (BTC) regardless of the continued bear market, with the full market cap dropping under $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 informed Cointelegraph.

The firm continued to pay all its 300 workers in BTC even throughout main market downturns, by offering month-to-month payroll primarily based on their wage 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 famous.

In addition to 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 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 stated.

Exodus workers are free to transform their BTC pay to fiat or stablecoins, which is a “personal investment choice that is not driven by Exodus,” the CEO added.

Tax implications stay the largest query of workers in relation to a wage paid in Bitcoin, Richardson said:

“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, a 3rd of Exodus’ crew members are situated within the U.S. whereas the remainder 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 workers to double verify whether or not it’s authorized or to not obtain Bitcoin as cost in some U.S. states.

Bitcoin salaries are a part of Exodus’ technique for enabling individuals to “​experience the financial revolution from the front seats.” Such funds not solely enable workers to simply stack sats on their funding accounts but additionally purpose to allow wage transparency. According to the agency, everybody within the Exodus’ distant crew is aware of what their coworkers make, even the CEO.

Related: Crypto crash wreaking havoc on DeFi protocols, CEXs

Richardson declined to touch upon whether or not the most recent market sell-off had any direct influence on the corporate’s workers. “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 summarized.