MicroStrategy now pays its board of directors in bitcoin

advertisement

Business analytics company MicroStrategy announced Monday that it will now pay its board of directors in bitcoin.

The Nasdaq-listed company said non-employee directors would receive all fees for their service in bitcoin instead of cash.

"In approving bitcoin as a form of compensation for Board service, the Board cited its commitment to bitcoin given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy," said MicroStrategy.

MicroStrategy further said that it would convert directors' fees from the U.S. dollar to bitcoin at the time of payment via a payment processor and deposit into directors' digital wallets. The company did not reveal the payment processor. The Block has reached out to MicroStrategy and will update this story should we hear back.

MicroStrategy started betting on bitcoin last August when it became the first publicly traded company in the U.S. to invest in the cryptocurrency as part of its balance sheet. Over the months, the company has purchased 90,531 bitcoin, currently worth about $5.5 billion.

Bitcoin is the "best money ever created," MicroStrategy CEO Michael Saylor told The Block in a recent interview. Saylor said, compared to gold and the U.S. dollar, bitcoin is a superior asset for a treasury given it is not deflationary by design.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC
More