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The CEO of Bitwage, Jonathan Chester, announced a pension plan based on bitcoin (BTC).
As can be understood from the announcement, since bitcoin has been equated to property under US regulations, several companies have started offering IRA services, but none had ever created a pension plan in Bitcoin 401 (k).
However, in October 2018, American pensioners opposed cryptocurrencies in a survey conducted by the American Association of Retired Persons.
After 10 months of testing the product, it is now finally ready to be launched and companies will be able to offer their employees the opportunity to invest in this bitcoin plan.
The partners involved in the plan
This has been made possible thanks to the collaboration between:
- Bitwage,
- Leading Retirement Solutions,
- Kingdom Trust,
- Gemini.
Each of the partners mentioned will have a specific role in the process of issuing the pension plan in BTC: Leading Retirement Solutions will provide the administration and registration of the program so that it is compliant with the Department of Labour and IRC, Kingdom Trust will provide a secure and regulated solution for the custody, while Gemini is entrusted with the task of providing a secure and compliant bitcoin exchange.
Finally, Bitwage is entrusted with the task of managing the company and the employees among the various operators of this process.
The plan may already be requested and Bitwage is in the process of creating the platform that the company will use to move old pension funds to this platform, including IRA, 401k, 403b and more.
Once the funds are added, they will be converted on Gemini automatically for each payment period and employees can decide whether to buy or sell dollars or bitcoins, depending on their preferences or have access to over 20,000 different assets made available by Leading Retirement Solutions.