JP Richardson – the CEO and founder of crypto wallet firm Exodus – is doing what many companies would consider unthinkable. He’s paying all his employees in bitcoin, and he’s broadcasting their salaries on the blockchain to ensure transparency.
JP Richardson Is Pushing the BTC Initiative
Richardson began his company in 2015. Initially, everyone working with or through the firm would be required to download separate wallets for each form of crypto they invested in. This proved to be rough and time consuming, and it was hard to manage all those wallets at the same time.
As the years have gone by, Richardson has focused on making his company one of the simplest out there to use. He has given his customers an easy interface and a single wallet system that will keep all their crypto in one place. He has also worked to ensure all his customers have full control over their private keys. This makes them less vulnerable to hackers.
Richardson has shown himself to be a force to be reckoned with in the blockchain space. However, his new endeavor to both pay all his employees in crypto and show the world what they’re getting is both bold and concerning.
It’s bold in the sense that he’s driving the initial goals of BTC home. As we all know, the asset was initially designed to serve as a payment tool, and the fact that all who work with Exodus are required to get paid in BTC means crypto is moving forward on this goal and becoming more legitimate.
But to publish people’s salaries… One must wonder if the employees are truly comfortable with that information out there for everyone to know and view. Under normal circumstances, someone’s financials would be private information for a multitude of reasons, so the idea that what these individuals earn is being made public can arguably be labeled as privacy infringement.
Lastly, crypto is quite volatile. Bitcoin, for example, just fell by several thousand dollars as the fight in eastern Europe escalates, so the idea that employees are being paid in something that if they don’t convert into fiat right away can collapse is a bit scary. They likely have bills to pay, and any barricades to their salaries and financial well-being can be considered dangerous.
Some People Have Already Been Paid in BTC
Yet it’s not like this is the first time someone has accepted a paycheck in BTC. Miami Mayor Francis Suarez made headlines last year when he announced he would be earning his mayoral salary in BTC. He commented in a statement:
When governments are spending the 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 that pushes in favor of an increase in the price of bitcoin.