For The First Time It's Free To Hold Bitcoin In A Retirement Account - Introducing The No Annual Fee Choice IRA For Digital And Traditional Assets
SIOUX FALLS, S.D., July 9, 2020 /PRNewswire/ -- 28 years after Charles Schwab Trust Company® introduced the no-annual-fee IRA for traditional assets, Choice by Kingdom Trust is breaking down that wall on the digital asset front with the no annual fee Choice IRA.
With the new No Annual Fee Choice IRA, savers and investors get the free retirement account they've already come to expect for stocks, ETFs and bonds with a twist - they can hold bitcoin and other digital assets with no annual fee as well.
"No fee accounts have become the status quo in the traditional markets over the last decade, and we are excited that the industry has matured enough to bring free accounts to the digital space as well. That said, nothing in life is really free, usually when you aren't being charged for something - you or your assets are the product. Today we are excited to bring free accounts to the 7.1 million bitcoiners and beyond, while openly acknowledging the risks associated and offering a full spectrum of custody choices - from a free account where your bitcoin is in motion, to holding your own keys," says Ryan Radloff CEO of Kingdom Trust.
Offering the freedom to choose investments based on personal preferences and risk tolerances is a core tenant of Choice's mission. To that same end, Choice has unveiled a full spectrum of memberships which offer multiple custody options including: subsidizing your account with bitcoin in motion; having your bitcoin held in cold storage on your behalf; and even holding your own bitcoin private keys.
The latter option of holding your own private keys is a complex process which to date has been opaque and often required hiring professional consultants. To simplify that, Choice's solution is powered by Casa, the team known for making it easy to hold your own Bitcoin private keys in a secure manner.
"We're thrilled to work with the Choice team to help people make tax-advantaged investments n Bitcoin while maintaining control of their private keys, something I've wanted to do personally for a while now. Choice and Casa are giving people the chance to truly own their retirement savings by holding their own bitcoin keys, which is critical when saving over such a long period of time," said Nick Neuman, CEO of Casa.
The free account which right now, simply pays for itself, will allow for a yield share back to Choice members in the near future. This yield share program will use tools behind the scenes similar to what are used in the traditional financial markets to subsidize accounts or client fees and generate yield off of assets under custody.
"This type of intra-industry yield generation is typical in traditional financial markets, whether it is lending or order-book/trade flow selling and we think clients should get the same perks they've come to expect in traditional markets - free accounts, for their digital assets as well, if they are comfortable with that risk, said Radloff."
For more information on choice membership options or features, please visit retirewithchoice.com.
About Kingdom Trust
In addition to retirement accounts, Kingdom Trust supports some of the biggest names in finance, providing a range of professional custody and escrow services for hundreds of institutional clients. From investment advisors and advisory firms to broker-dealers or fund managers, we help firms scale their business by making alternative assets accessible to clients, opening up private offerings to retirement investors and removing the complexities of custody.
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SOURCE Kingdom Trust
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