Kingdom Trust has appointed Fidelity Digital Assets to power its recently launched Choice retirement account, which features an array of assets including Bitcoin.
Fidelity will act as the Executive custodian hence providing cold storage services to Kingdom Trust Choice clients with a portion of tax-advantaged Bitcoin in their portfolio. This move marks a major milestone in the debut of Fidelity's crypto services in the retail market, having focused on institutional-grade clients in the past two years.
Fidelity's Head of Sales and Marketing – Christine Sandler – added the following:
“Since our market entry less than two years ago, we've seen significant progress in the infrastructure supporting investors in digital assets, and an evolution in the range of investors adopting digital assets into their portfolios.”
With this collaboration, retail investors looking to retire with some amount of Bitcoin can leverage Choice and have their private keys stored by Fidelity Digital Assets. Fidelity's AUM, which is around $8.1 trillion, may now find its way into Bitcoin after the U.S fund manager signaled a probable shift to digital assets. Ryan Radloff, the CEO of Kingdom Trust has since emphasized that now would be a good time to jump on the BTC bandwagon.
“For anyone who was considering Bitcoin as part of their retirement portfolio, but was waiting for the infrastructure to mature and for familiar names to enter the space, that day is today.”
Whilst Fidelity Digital Assets had already extended its services to institutions as early as 2018, the collaboration with Kingdom Trust will be the first-time self-directed IRA accounts are able to fully access its crypto custodial services. However, the Kingdom Trust Choice account owners could also choose to stake their digital assets within the custodial accounts or hold them privately through a Casa powered solution.
Kingdom Trusts' Radloff is optimistic that Bitcoin is only but the first digital asset to be onboarded in their collaboration with Fidelity Digital Assets:
“We custody 20,000 unique assets, and most of those are alternative assets … Bitcoin is the first asset that we are doing jointly with Fidelity Digital Assets, but I do not expect it to be the last.”