Major cryptocurrency wallet provider Exodus continues to pay its employees in bitcoin (BTC) despite the ongoing bear market, with its total market capitalization falling below $1 trillion on Monday.

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Since launching its software-based crypto wallet in 2015, Exodus has been paying its employees 100% in BTC, Exodus co-founder and CEO J.P. Richardson told Cryptooshala.

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The company continued to pay all of its 300 employees in BTC even during severe market downturns, providing monthly wages based on their US dollar wages.

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“For example, if bitcoin is worth $30,000 per token and someone earns $15,000 a month, they will receive half of the bitcoin on the first of that month,” Richardson noted.

In addition to converting every paycheck into BTC every month, Exodus also adds a small percentage to every “wage” to account for volatility. “This has helped us recruit those who remain committed to the DeFi mission, as well as accommodate people with financial commitments who still want to convert any percentage of their salary into fiat currency,” Richardson said.

Exodus employees are free to convert their BTC payouts into fiat or stablecoins, which is “a personal investment choice that is independent of Exodus,” the CEO added.

The tax implications remain the biggest question for employees when it comes to salaries paid in bitcoin, Richardson stated:

“The most popular question we get from new hires is how their crypto salary affects their taxes. That’s why we offer everyone a tax consultation with an accountant to properly educate them on how to use bitcoin and make sure they pay their taxes correctly.”

According to the CEO, a third of the Exodus team members are located in the US, while the rest are scattered around the world. On their official Exodus website mentions that some jurisdictions are stricter than others when it comes to bitcoin payments, requiring employees to double check whether or not receiving bitcoin as a payment is legal in some US states.

Bitcoin wages are part of Exodus’ strategy to enable people to “feel the financial revolution from the ground up.” Such payments not only allow employees to easily accumulate Satoshi in their investment accounts, but also aim to ensure payroll transparency. According to the firm, everyone on the Exodus remote team knows what their colleagues are doing, even the CEO.

Cryptocurrency disruption wreaks havoc on DeFi and CEX protocols

Richardson declined to comment on whether the company’s employees were affected by the recent market sell-off. “While we – as well as the rest of the market – have been impacted by the volatility of cryptocurrencies, we remain focused on doubling down to provide value through a one-stop shop for Web3 through our multi-chain browser extension,” he summarized.