Kingdom Trust Launches Choice, Adding Digital Assets To Traditional Retirement Accounts

There are few, if any, intersections between retirement funds and crypto investing. Something that Kingdom Trust wants to change

  • The ‘first of its kind’ Bitcoin (BTC) retirement account allows users to buy, sell and hold traditional financial instruments, ETFS and no will support digital currencies.

In an official announcement on Thursday, Kingdom Trust, a digital custodian holding over $13 billion in both legacy financial and digital assets, announced the launch of a tax-leveraged account: “Choice”, enabling users to invest their retirement funds in over 20,000 assets including Bitcoin.

According to CEO of Kingdom Trust, and founder of Choice Holdings (acquired by the former), Ryan Radloff, the product will open up a gateway to millions of investors who wish to have some of their retirement holdings in digital assets.

Aiming at the Millions of Americans With Retirement Funds

With an estimated 7.1 million Americans holding BTC, few options are available for users to hold digital assets in their retirement portfolios. Radloff however, aims at directing the billions of investable dollars held in retirement holdings into crypto. He said,

“Most people have more investable discretionary dollars in retirement accounts than they do in brokerage accounts. [Retirement] account balances are materially larger than at Kraken or a Coinbase, and the average purchase size is much larger than what you would see on an exchange.”

“What we are doing, is we are now opening up the ability to not just trade Bitcoin, but you can do digital assets or legacy assets like your stocks and bonds from one [retirement] account.”

Can you Hold BTC in Retirement Funds?

However, the interest in Bitcoin and similar assets in retirement funds is still low with only 1% of the 100,000 retirement accounts held by Kingdom Trust holding any form of crypto assets.

Choice, on the other hand, experienced a rather successful trial period since launching earlier in the year. In the first three months of 2020, Choice accounts transacted averagely $13,000 per account before being acquired by Kingdom Trust.

With very few people with retirement funds actually holding some portion of their funds in crypto, Radloff believes it may be due to a lack of understanding. Since the Internal Revenue Service (IRS) decided to tax Bitcoin in 2018, it opened up a legal loophole that allows IRS and other qualified retirement funds and custodians to hold BTC. He further said:

“Most of the Bitcoin community doesn't even know that they can hold Bitcoin in their retirement account yet.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,473FansLike
2,795FollowersFollow
4,198FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Is it that Time Again? Yes it is! The Market is giving All the Signs that it is an Alt Season

Everything is popping! Is anyone getting 2017 vibes? https://twitter.com/CryptoMichNL/status/1280821951011999745 Tis' the time when gains floweth over. Today, even bitcoin jumped to $9,480 with $1.2 billion in ‘real’ trading...

South Korean Govt. Permits Blockchain-Based Free Trade Zone for Industrial Hemp After Amending 70 Year Old Narcotics Law

The South Korean government has granted a permit to Andong city in Gyeongbuk province of South Korea to run a free trade zone for...

Kraken and Binance Form New Partnerships to Offer More Fiat Funding Options

Amidst the flying altcoins and stuck Bitcoin, cryptocurrency exchanges continue to add new options to allow users to buy and sell digital assets. Kraken has...

India’s Tech Giant, Tata Consultancy Services (TCS), to Launch ‘Quartz' Crypto Trading Solution For Institutions

Tata Consultancy Services (TCS), a subsidiary of India’s largest tech firm, Tata, announced the launch of a crypto solution enabling traditional financial institutions to...

Nexo Collabs With Chainlink; Using Its Decentralized Oracle Network for Crypto Lending Transparency

Nexo’s, leading crypto lender will integrate Chainlink’s extensive Oracle Network to its platform in a bid to decentralize and secure its infrastructure as...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today