Sequoia Holdings is offering its employees the option to receive a part of their salary in cryptocurrencies.

Under the new program, employees can elect to defer a portion of their salary into Bitcoin (BTC), Bitcoin Cash (BCH), or Ethereum (ETH), said the software development services provider.

To provide this service, Sequoia is partnering with a third-party payroll processing firm. The mechanism is similar to the way employees defer a portion of their salary toward a 401(k) retirement savings plan, but in this case, the deferral is after tax.

“We're excited to offer the members of our team this new benefit,” said T. Richard Stroupe, Jr., co-founder, and CEO of Sequoia. “Many of our employees are enthusiastic supporters of cryptocurrency, and we're happy to help them gain exposure to this trillion-dollar asset class.”

Earlier this month, the leading cryptocurrency hit a record high of $42,000, rallying more than 1,000% from March’s low. This surge has been powered by renewed interest from retail investors and increased demand from institutions and corporate.

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