JP Richardson, CEO and Founder of Exodus, a crypto wallet platform, believes Bitcoin will revolutionize the world of money and the way people trade. He is driven and builds software using Bitcoin and other cryptocurrencies to bring liquidity and speculation to alternative markets.
When Richardson started the company in 2015, he said he had to painstakingly upload a wallet for each asset. Now it makes owning a portfolio of crypto assets “beautiful and easy”. The “wallet” is basically software that allows users to store digital currencies. The founder points out that their platform is unique in that users have full control over the private key needed to access their currency, making it harder for hackers to steal their digital assets.
Exodus is on a mission to enable half the world to exit the traditional financial system by 2030 by creating a multi-asset software wallet that removes the “geek” requirement and makes design a priority to make cryptocurrency and digital assets easy for everyone.
It is available for desktop and mobile. Exodus allows users to secure, manage and trade cryptocurrencies like Bitcoin, Ethereum, from one eye-catching and easy-to-use wallet. The noncustodial feature is encrypted locally on users’ own devices, ensuring privacy, security and complete control of their assets.
Employees are Paid in Bitcoin
Richardson has a unique and progressive way of running his business. To update an old adage, Richardson puts his Bitcoin where his mouth is. Its platform pays its more than 250 employees in Bitcoin. He takes his salary that way too. The company opted for the bitcoin standard both to show its commitment to the cause and to streamline payroll for its global workforce.
Although it is necessary to be paid in Bitcoin, employees are free to sell all or part of the digital asset if they wish. He understands that everyone has their own financial situation. Some people may keep the Bitcoin payment forever hoping that the value will continue to grow. Others may have obligations such as mortgages, school fees, and other expenses that need to be funded and the sale of some cryptocurrency is necessary. The company offers tax advice to help workers in their Bitcoin transitions.
The Growing “Get Paid In Crypto” Movement
Inflation is out of control, there is a big quit trend with millions quitting their jobs and companies are waging a talent war to find, attract, recruit and retain workers. The value of the dollar deteriorated as inflation soared 7%. Bitcoin and other cryptocurrencies have become an attractive alternative for people to improve their financial situation.
Sports stars, politicians and other high-profile figures have demanded to be compensated in digital assets. They point out that if you get paid in US dollars, as inflation goes up, the value of your pay goes down.
It is possible to convert your salary into cryptocurrencies. It only takes a few steps. Check with the HR department first if their payroll system offers a cryptocurrency payment option. Then decide how much money you want to convert into digital assets. You may want to do your due diligence in the different tokens before selecting one. Set up an account with a digital wallet in a crypto exchange for your employer to send the funds to the platform. There may be fees and costs involved, so check that as well.
Quarterback Aaron Rodgers previously announced that he wanted to receive his compensation in Bitcoin in early November. At the time, the coin was worth over $60,000, it is now trading below that amount hovering below $40,000.
NFL star Odell Beckham Jr. has signed a one-year contract with a base salary of $750,000 and bonuses of up to $4.25 million. The NFL wide receiver said he takes all his salary in Bitcoin. He allegedly converted a $750,000 paycheck into bitcoins and lost the equivalent of nearly $350,000, according to an analysis by MarketWatch. Although the price of bitcoin has since rebounded somewhat, it has not fully recovered and remains extremely unpredictable. If the price does not recover, he will still have to pay taxes on his income worth $750,000.
This is something you need to keep in mind. If you are paid $100 and it drops to $50, the IRS doesn’t care about the loss and you are taxed on the amount you were paid. Your accountant can help offer advice and guidance on how to manage and report these large swings in value.
Saquon Barkley, an NFL running back, announced in July 2021 that he would place all of his endorsement revenue – totaling around $10 million – in Bitcoin. The Washington Examiner reported that “Barkley explained that his goal was to achieve wealth similar to that of Kevin Durant, Lebron James and Tom Brady, but said it was not achievable simply by saving because of the ‘inflation”. He added: “You see inflation, you see how high it is right now, and you learn that you can’t save yourself from wealth” and “That’s why I’m going to take my marketing money in Bitcoin.”
Trevor Lawrence, the 2021 first draft pick and now the Jacksonville Jaguars quarterback, has teamed up with cryptocurrency app Blockfolio to announce he will place his signature of approximately $24 million with society. It will convert the money into Bitcoin, Ethereum, Solana and other digital assets, according to USA today.
Francis Suarez, the tech-savvy mayor of Miami, said in November that he would accept his $97,000 in bitcoins. Suarez foresees the possibility of building a technology hub in Miami. Leading by example, Suarez seeks to expand the use and acceptance of cryptocurrency in his city and attract talent and tech companies to South Florida. “For a city to survive and thrive, we need a knowledge-based economy,” he said. Bloomberg.
Suarez added: “When governments spend the kind of money they are, when you have inflation at the point it is, when you have rampant overspending in government and deficit spending, all of that pushes into favor of an increase in the price of Bitcoin” and “So I feel very comfortable receiving all my salary in bitcoin.”
Eric Adams, the newly installed mayor of New York, has announced that he will be taking his first three paychecks in cryptocurrency. He converted his first paycheck every two weeks to bitcoin and ethereum. Asked on CNBC about losing money on the decision, he said, “Bitcoin’s purpose is to send a message that NYC is open to technology
In another interesting move, the first remote company is recruiting talent from around the world. More than half of the employees work outside the United States. Richardson understands that there is great talent everywhere. This may be due, in part, to the fact that he started a business in his home state of Nebraska. He’s a far cry from Silicon Valley and Wall Street, and empathizes with people who know they can miss out on big opportunities because of where they live. The international distance recruitment policy makes the rules of the game uniform.
Everyone’s salary is fully disclosed. The amount of bitcoin on the company’s books is also open to people. The public nature of Bitcoin means Exodus salaries are transparent to other employees. It serves as an incentive. People can proactively ask for a raise or what needs to be done to increase their pay.
Exodus seeks to attract those dedicated to the DeFi movement. In a tight job market, especially for tech talent, getting paid in Bitcoin, having pay transparency, hiring anyone from anywhere sets the company apart.