Exodus, a major cryptocurrency wallet provider, continues to pay its employees in Bitcoin (BTC), despite the bear market. The total market cap fell below $1 trillion Monday.
Exodus CEO and co-founder JP Richardson stated that Exodus has been paying 100% to its employees since 2015 when it launched its crypto wallet software.
The company paid all 300 employees in BTC, even in major market downturns. It provided monthly payroll based upon their salaries in U.S. Dollars.
Richardson stated that, “For instance, Bitcoin is $30,000 per token and someone makes $15,000 per month, they’ll receive half a Bitcoin on their first day.”
Exodus converts each monthly salary to BTC and adds a small amount to each “paycheck” in order to adjust for volatility. Richardson stated that this has allowed Richardson to recruit people who are committed to DeFi’s mission, and also accommodate people who have financial obligations who want to convert any portion of their paycheck to fiat currency.
Exodus employees can convert their BTC payments to fiat or stabilizecoins at will. This is an “personal investment decision that isn’t driven by Exodus,” said the CEO.
Richardson said that tax implications are still the greatest concern for employees regarding a Bitcoin-based salary.
“The most common question we receive from new employees is about how their crypto salary affects their taxes.” To help everyone understand Bitcoin and ensure they are properly paying taxes, we offer a free tax consultation with an accountant.
Exodus CEO stated that a third of Exodus team members are located within the United States, while the rest are spread around the globe. Exodus’ official website mentions that certain jurisdictions have stricter rules regarding Bitcoin payments. This means that employees must double-check whether they are allowed to receive Bitcoin in the U.S.
Exodus’ strategy to allow people to “experience the financial revolution from front seats” is to offer Bitcoin salaries. These payments enable employees to stack sats on investment accounts and also provide transparency in salary. Exodus claims that everyone on the remote Exodus team, including the CEO, knows the salaries of their coworkers.
Related: Crypto crash causes havoc on DeFi protocols and CEXs
Richardson declined comment to say whether the recent market sell-off had an impact on company staff. He said that while we were affected by crypto volatility like the rest, Richardson did not comment on whether the company’s staff was affected.