85% of This Swiss Tech Company ‘s Employees Choose to Receive Bonus in NPT Tokens

NovaDAX
NovaDAX
Sep 3, 2018 · 5 min read

NovaDAX.com exchange will launch in Brazil in the end of September. Recently, Kristuff Dalton, an employee of Nova revealed on twitter that employees are given the option to receive bonus in NPT tokens. As soon as it happened the event aroused the interests of media.

The article was published in Aug in the New York Times.

Attention:This Article is the Authorized Reprint. Copyright@Ruby Johnson, New York Times. All Rights Reserved.


Cryptocurrency,the whole world is talking about it, and lots of people become millionaire by investing it. A search by the analytics firm Harris Insights earlier showed that 8% of Americans have ever invested in Cryptocurrency.

You may be able to consider cryptocurrency investment, but what if get paid in crypto?

Recently, Kristuff Dalton, an employee of a Swiss technology company Nova Global, revealed on twitter that employees are given the option to receive bonus in NPT token, and 85% of Nova ‘s employees are happy to get their bonus in NPT.

NPT is the common recognized currency in Nova ecosystem. According to many news sharing by users, that 4000 NPT worth 1 ETH, which means the value of a single NPT is between US$0.05–0.09.

The New York Times reporter contacted the head of Nova’s Silicon Valley’s branch office and confirmed that Kristuff Dalton is from Nova Singapore office. The person also commented that “Nova respects the freedom of speech of everyone, but Dalton’s post in social media has already violate the company’s internal confidentiality agreement.”

When we asked about using NPT as a bonus payment, the person in charge said that it can only be partially disclosed.

How does it work?

Bonuses in NPT are usually paid according to the cryptocurrency’s value at an agreed date. For example, if the NPT price is $0.06 and an employee choose to have $300 bonuses in the digital currency, he will receive 5000NPT. But, employees can only choose to use Nova Wallet as his account.

Employees who choose to sell right away will receive the value in cash, but If you choose to hold, you may get more benefits.

However, the cryptocurrency, value fluctuate every day and even every second. Holding NPT would see its value go up or go down as well.

However, according to the roadmap released by Nova official website, NovaDAX will be launched in September, running BTC, ETH crypto-fiat transactions. After it launched, NPT will be used as the NovaDAX token to deduct the transaction fee for holders.

The relevant person in charge said, “The NPT bonus is not mandatory . It is just an option. After all, more than 600,000 people in 191 countries worldwide are holding NPT. Then why not our employees?”

How do the employees’ feel?

Most Nova employees welcome the NPT bonuses. Eric Mao, block-chain development engineer of Nova offices in South East Asia, said on his Facebook that the company uses NPT as a bonus, similar to an stock incentive system, which in theory can also stabilize prices and give holders more confidence.

There are also some employees said that they would not accept it. Marcela Barbosa, the business assistant of the Nova Brazilian offices, refused to sign the agreement. She said that “only BRL can buy high-heels.”

Alessandro, head of HR at Nova’s Swiss HQ, said that the company hopes that at least some employees have experience of holding cryptos, which will help with developing their acknowledge of cryptocurrencies “It will have significant meaning for the future development of the NovaDAX, Nova chain, Nova Bank and crypto credit” he said.

Compliance

Using cryptocurrency to pay employees’ salaries may bring legal issue. According to the analyst, using cryptocurrency to pay employees’ salaries may lead to some laborers’ income protection problem.

But the legal department of Nova has confidence in compliance. Nova is a global company with its HQ in Switzerland, but has teams and offices in the United States, Singapore, Brazil, Indonesia, etc. The Legal Department said based on the different countries’ local law, it will make legal and suitable policies for NPT usages.

At the same time, No matter where the employees are , they still pay the income tax based on the salary value of NPT. Similar to stock options, employees need to pay capital gains tax if the value of NPT rises, but it also depends on tax jurisdiction, laws and regulations of different countries.

Nova is not the only one

In 2014, an Irish company operating an ATM business began to use Bitcoin as employees’ salaries. TenX, a Singapore blockchain company, even supports the payment of full salary in cryptocurrency.

In early 2018, GMO Group, the famous Japanese internet company with more than 4,000 employees, choose Bitcoin to be part of the salaries. In July of this year, Binance, a cryptocurrency exchange of China , also claimed that more than 90% of employees are paid by its Binance platform token.

An anonymous employee from Nova revealed to us that in the cryptocurrency industry, using tokens to pay bonuses or as part of salary is a widely accepted incentive model. “I prefer to change all my salaries into NPT.”

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