JP Richardson, the CEO and founder of Exodus, a crypto wallet platform, believes that Bitcoin will revolutionize the world of money and the way that people conduct commerce. He’s purpose driven and builds software utilizing Bitcoin and other crypto currencies to bring liquidity and speculation to alternative markets.
When Richardson started the company in 2015 he said he had to painfully download a wallet for each asset. Now he’s making holding a portfolio of crypto assets “beautiful and easy.” The “wallet” is essentially a piece of software that allows users to store digital currencies. The founder points out their platform is unique in that users have full control over the private key needed to access their currency, which makes it harder for hackers to steal their digital assets.
Exodus is on a mission to empower half the world to exit the traditional finance system by 2030 by making a multi-asset software wallet that removes the “geek requirement” and keeps design a priority to make cryptocurrency and digital assets easy for everyone.
It’s available for desktop and mobile. Exodus allows users to secure, manage and exchange cryptocurrencies like Bitcoin, Ethereum, from an eye-catching, easy-to-use wallet. The non-custodial functionality is encrypted locally on users’ own devices, ensuring privacy, security and complete control over their wealth.
Employees Are Paid In Bitcoin
Richardson has a unique and progesive way of running his company. To update an old adage, Richardson is putting his Bitcoin where his mouth is. His platform pays their 250 plus employees in Bitcoin. He takes his pay this way too. The company opted for the Bitcoin standard to both show commitment to the cause, and streamline payroll for its global workforce.
While it’s required to get paid in Bitcoin, employees are free to sell all or part of the digital asset if they’d like. He gets that everyone has their own financial situation. Some people may hold onto the Bitcoin payment forever hoping that the value will continue to grow. Others may have obligations such as mortgages, college tuition payments and other expenses that need to be funded and selling off some of the cryptocurrency is necessary. The company offers tax advice to help workers with their transitions in Bitcoin.
The Growing ‘Get Paid In Crypto’ Movement
Inflation is out of control, there is a Great Resignation trend with millions of people quitting their jobs, and businesses waging a war-for-talent to find, attract, recruit and retain workers. The value of the dollar has degraded as inflation skyrocketed 7%. Bitcoin and other cryptocurrencies have become an attractive alternative for people to improve their financial situation.
Sports stars, politicians and other high-profile people have been requesting to take their compensation in digital assets. They point out that if you get paid in U.S. dollars, as inflation increases, the value of your paycheck decreases.
It’s possible to convert your salary into cryptocurrencies. It only takes a few steps. First find out through the human resource department if their payroll system offers a cryptocurrency payment option. Then decide the amount of money you’d like to be changed into digital assets. You may want to conduct due diligence into the various tokens before you select one. Setup an account with a digital wallet at a crypto exchange for your employer to send the funds to the platform. There may be fees and costs involved, so check into that as well.
Quarterback Aaron Rodgers previously announced that he wanted to receive his compensation in Bitcoin, back in early November. At the time, the coin was more than $60,000,—it’s now trading under that amount hovering under $40,000.
NFL star Odell Beckham Jr. signed a one-year deal with a base salary of $750,000 and bonuses that could bump it up to $4.25 million. The NFL wide receiver said he was taking his entire salary in Bitcoin. He reportedly converted a $750,000 paycheck into bitcoin, and may have lost the equivalent of almost $350,000, according to an analysis from MarketWatch. While the price of bitcoin has since somewhat rebounded, it hasn’t fully recovered and remains extremely unpredictable. If the price doesn’t recover he would still have to pay taxes on his income at the value of $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’re taxed on the amount you were paid. Your accountant can help offer her guidance and advice on how to handle and report these wide fluctuations in value.
Saquon Barkley, an NFL running back, announced in July 2021 that he would place all of his endorsement earnings—totaling around $10 million— in Bitcoin. The Washington Examiner reported that “Barkley explained his goal is to attain wealth akin to Kevin Durant, Lebron James, and Tom Brady but said it’s not attainable through just saving because of inflation.” He added, “You see inflation, you see how high it is right now, and you learn that you can’t save yourself to wealth,” and “That’s why I’m going to be taking my marketing money in Bitcoin.”
Trevor Lawrence, the number one draft pick in 2021, and now the quarterback for the Jacksonville Jaguars, partnered with cryptocurrency app Blockfolio to announce that he’d and place his approximate $24 million signing with the company. He’ll convert the cash 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 all in bitcoin. Suarez foresees the possibility of building a tech hub in Miami. Leading by example, Suarez seeks to expand cryptocurrency use and acceptance in his city and entice tech talent and companies to South Florida. “For any city to survive and thrive, we need a knowledge-based economy,” he told Bloomberg.
Suarez added, “When governments are spending that kind of money that they are, when you have inflation at the point that it is, when you have rampant overspending in government and deficit spending, all of that pushes in favor of an increase in the price of Bitcoin,” and “So I feel very comfortable getting my entire salary in bitcoin.”
Eric Adams, the newly installed mayor of New York City, announced that he would take his first three paychecks in cryptocurrency. He converted his first biweekly paycheck into both bitcoin and ethereum. When asked on CNBC about losing money on the decision, he said, “the purpose of the Bitcoin is to send a message that NYC is open to technology
In another interesting move, the remote-first company recruits 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 his starting a company in his home state of Nebraska. It’s far from Silicon Valley and Wall Street, and empathizes with people knowing how they can miss out on great opportunities due to where they live. The international remote hiring policy levels the playing field. .
Everyone’s salary is fully disclosed. The amount of Bitcoin on the company’s books is open for people to see as well. The public nature of Bitcoin means Exodus salaries are transparent to other employees. This serves as an incentive. People can proactively ask for a raise, or what needs to be done to increase their compensation.
Exodus seeks to attract those who are dedicated to the DeFi movement. In a tight job market, especially for tech talent, getting paid in Bitcoin, having salary transparency, recruiting anyone from anywhere sets the company apart.