Kingdom Trust, a South Dakota-based financial custodian that manages more than $13 billion in assets, has launched a retirement account that supports legacy, alternative, and crypto assets.
The launch of the account "Choice," follows the acquisition of Choice Holdings - a digital asset-focussed retirement account that was built by CoinShares.
Kingdom Trust already backs more than 100,000 retirement accounts and custodies over 20,000 assets including Bitcoin.
To incentivize sign-ups, Kingdom Trust will give $62.50 worth of BTC to the first 1,000 Choice account holders.
Custodian launches crypto-friendly retirement account.
"By our estimates, there are 7.1 million Americans who own Bitcoin, have a retirement account, but currently don't have the option to hold Bitcoin in their retirement account with their other assets," said Radloff.
"When the IRS decided to tax Bitcoin, consequently it enabled Bitcoin to be held by IRS and other qualified custodians that are regulated by the IRS and their state divisions. It directly enabled [Bitcoin] to be held by qualified custodians and in retirement accounts," he said.
"Most of the Bitcoin community doesn't even know that they can hold Bitcoin in their retirement account yet."
"Right now, most of these Americans' retirement accounts are sitting at some bank that is telling them that Bitcoin is too risky while at the same time forcing them to only own stocks or mutual funds," Radloff continued.
"I'm mad as hell about that. So we're out to do something about that, where you can have the choice to own Bitcoin or stocks and bonds from one account for the first time, so that we're not just dictated by these banks to stay in the Fed's rat-trap."
$13B Custodian Launches Retirement Account Supporting Bitcoin
Published on May 27, 2020
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.