There are perks to working for Blockstream, aside from having to answer to Samson Mow. Developers for the Bitcoin Core software company are alleged to earn up to $850K per year thanks to a “stock option” that sees them paid 20% of their salary in BTC. That BTC is pegged at the price bitcoin was at in 2014, meaning that employees are paid around 85 BTC annually as part of their salary, a bonus of around $700K at current prices. That’s according to a new website called Cashbleed that claims to lift the lid on Blockstream’s salary structure.
Blockstream and the Reputed Golden Handcuffs Deal
Technically speaking, Blockstream employees could walk away from the company any time they want. In practice, there is no incentive to do so thanks to a salary option in which 20% of their wage is payable in BTC, perennially capped to the price it was at in 2014 when the firm was founded. That’s according to Cashbleed.com, a controversial website registered in the last 48 hours that makes some back of the envelope calculations and some bold claims.
The website describes the arrangement as a “scheme” that is ongoing, making it “very difficult for investors to get a return on their investment.” Blockstream, responsible for such Bitcoin Core technology as Segwit and Liquid, has raised $101M over three rounds from the likes of AXA and Mosaic Ventures. Cashbleed ventures: “Suppose an engineer was hired at $150,000 a year, and an extra 20% of their salary was paid as a bonus on top in Bitcoin.