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


  • 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.”

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