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Crypto Retirement: US Investment Firm Launches Employer-Sponsored Bitcoin 401(k) Plan

23/11/2020 by Idelto Editor

Crypto Retirement: US Investment Firm Launches Employer-Sponsored Bitcoin 401(k) Plan

The U.S.-based company Digital Asset Investment Management (Daim) has announced the launch of a company-sponsored 401(k) retirement plan that allocates up to 10% in bitcoin. The plan is an ERISA compliant employer-sponsored 401(k) and assets are held in institutional-grade cold storage by leveraging the custodian Gemini Trust.

During the last few years, investors have been able to leverage a digital currency retirement plan in the form of an IRA. For instance, the company Bitcoinira helps people invest in cryptocurrencies like BTC, BCH, ETH, and LTC with the firm’s cryptocurrency-focused retirement funds. On Thursday, November 19, 2020, the Newport Beach California-based company Digital Asset Investment Management (Daim) revealed an ERISA compliant employer-sponsored bitcoin 401(k) plan that involves an allocation of BTC.

“From the moment we were approved by the State of California in June 2018, we’ve seen incredible inbound demand from individuals eager to invest bitcoin in 401(k)s,” Adam Pokornicky, COO of Daim said during the launch. “Conventional 401(k) plans are restrictive and often lack investment options, causing participants to not only be frustrated but have poor risk-adjusted returns that barely keep up with the rate of inflation.”

“This is a bad deal for savers given the current environment. We believe bitcoin has demonstrated it has a place in the modern portfolio and individuals should have an opportunity to “Get Off Zero” and invest directly through their retirement account,” the Daim executive added.

Crypto Retirement: US Investment Firm Launches Employer-Sponsored Bitcoin 401(k) Plan

According to Daim, the firm will be the 3(38) advisor and fiduciary and it will assist companies who want to offer the 401(k). The plans have traditional assets alongside up to a 10% allocation in bitcoin (BTC). “Bitcoin will be held securely in institutional cold storage custody with Gemini Trust, our partner for our primary investment advisory services. The California firm also explains what happens when an employee leaves a company offering the bitcoin 401(k) plan.

Daim states:

Should the employee leave their company their Bitcoin will be able to transfer with them. And should an individual want to allocate more to Bitcoin, they can schedule an investment consultation with Daim.

Pokornicky also notes that Daim executed an employer-sponsored 401(k) plan back in October 2019 and has been testing for 12 months. Daim is now allowed to launch “scalable 401(k) plans that provide recordkeeping and administrative services.” “[Daim is] excited to lend our fiduciary capacity to enable access to Bitcoin in 401(k) plans in this way,” Pokornicky shared.

Other companies that offer bitcoin-related retirement services besides Daim and Bitcoinira include Bitira, Coinira, and Regal Assets. While the digital asset ecosystem continues to grow concepts like retirement services have tapped into the swelling crypto economy.

401(k) plans give employees tax advantages and the U.S. Internal Revenue Code allows 401(k) or IRAs. With digital currency prices posting massive gains in recent days, a bitcoin-based 401(k) may prove to have a much larger retirement yield.

What do you think about Daim launching an ERISA compliant employer-sponsored 401(k) with a 10% bitcoin allocation? Let us know what you think about this subject in the comments section below.

The post Crypto Retirement: US Investment Firm Launches Employer-Sponsored Bitcoin 401(k) Plan appeared first on Bitcoin News.

Filed Under: 401k, 401k plan, Adam Pokornicky, Bitcoin, Bitcoin 401k plan, bitcoin ira, Bitira, BTC, California Company, Coinira, Daim, Daim.io, Digital Asset Investment Management, English, Gains, Internal Revenue Code, IRS, News, News Bitcoin, Regal Assets, Retirement, retirement plans, retirement services, retirement yield, sponsored 401(k)

Bitcoin.com Reveals Limited Edition Bitcoin Cash Wristwatch Crafted by Luxury Watchmaker Franck Muller

14/11/2020 by Idelto Editor

Bitcoin.com Reveals Limited Edition Bitcoin Cash Wristwatch Crafted by Luxury Watchmaker Franck Muller

The leading cryptocurrency web portal Bitcoin.com has partnered with the Swiss luxury watch manufacturer, Franck Muller, in order to create elegant crypto themed timepieces. The titanium, limited edition functional bitcoin cash watch is called “Free the Money, Free the World” and will be sold for crypto on Bitcoin.com.

In the summer of 2019, the luxury watchmaker Franck Muller released a fully functional bitcoin watch called the “Encrypto,” a timepiece that allows the user to store their digital assets in cold storage.

This year the Geneva-based watch manufacturer has partnered with Bitcoin.com, in order to produce another extravagant digital currency wristwatch. The beautiful watch is called “Free the Money, Free the World,” and was designed by Bitcoin.com’s cofounder Mate Tokay and Tyler Gallagher of Regal Assets.

Bitcoin.com Reveals Limited Edition Bitcoin Cash Wristwatch Crafted by Luxury Watchmaker Franck Muller

The titanium, limited edition bitcoin cash (BCH) wristwatch will sell for 9,900 EUR per unit and there will only be 500 individually numbered timepieces sold.

The product’s titanium exterior is extremely durable for individuals with an active lifestyle. The stylish black DLC coating with green accents gives the watch a fashionable metropolitan look. The wristwatch is the first-ever Bitcoin Cash Franck Muller dial. The watch QR code can be customized with the buyer’s bitcoin cash (BCH) public key.

Bitcoin.com Reveals Limited Edition Bitcoin Cash Wristwatch Crafted by Luxury Watchmaker Franck Muller
Check out the official Bitcoin.com Free the Money, Free the World web page here.

Franck Muller is well known for making the finest and most complicated timepieces in the world and the gorgeous watches are worn by a myriad of celebrities. The firm says “‘Free The Money, Free The World’ is an exciting chapter in Franck Muller’s story of modern and innovative watches.”

Bitcoin.com Reveals Limited Edition Bitcoin Cash Wristwatch Crafted by Luxury Watchmaker Franck Muller

Cofounder of Bitcoin.com, Mate Tokay, helped design the new Franck Muller wristwatch and believes that exquisitely complicated watches combined with innovative technology like Bitcoin Cash (BCH) go hand in hand.

“It has been an amazing experience to work with the Franck Muller team to design the world’s first Bitcoin Cash watch,” said Bitcoin.com’s Mate Tokay. “As a watch enthusiast, this challenge meant a lot to me. I truly believe that we have created a one of a kind watch, and I am flattered to say that the feedback has been great so far.”

Bitcoin.com Reveals Limited Edition Bitcoin Cash Wristwatch Crafted by Luxury Watchmaker Franck Muller

Every watch comes with a two-piece “Deep Cold Storage” set that allows the owner to store the crypto within the public address etched on the dial. A sealed USB that contains the private key keeps the wallet secure, while the address balance can be checked by leveraging the dial. Just like all Franck Muller timepieces, the “Free the Money, Free the World” limited edition set is characterized by elegant arrangements and elaborate watch machinery.

“This has been an exciting project and it is beyond an honor to work with Bitcoin.com, Mate Tokay, and Roger Ver on this. Let’s free the world together,” Tyler Gallagher of Regal Assets said during the announcement.

Every 41mm piece comes with a scratch-resistant, anti-reflective sapphire crystal and a black leather strap with green stitching. A myriad of Franck Muller watches has been worn by a number of celebrities including Kanye West, Elton John, Paris Hilton, Kim Kardashian, Lil Wayne, Floyd Mayweather, David Beckham, and more.

The crypto-infused timepiece, “Free the Money, Free the World” is already making huge success in Hollywood, with various celebrities, and well-known hip-hop artists. This includes the likes of celebrities such as rapper Young Thug, Youtube star and gamer Faze Banks, American singer-songwriter Kaash Paige, rapper and songwriter Cardi B, American singer and rapper Swae Lee, American model and social media star Jordyn Woods, and the hip-hop star Gunna.

Find out more details about the wristwatch here and check out the video below.

What do you think about the Franck Muller “Free the Money, Free the World” timepiece? Let us know what you think about this subject in the comments below.

The post Bitcoin.com Reveals Limited Edition Bitcoin Cash Wristwatch Crafted by Luxury Watchmaker Franck Muller appeared first on Bitcoin News.

Filed Under: bitcoin cash BCH, Bitcoin Cash watch, Cardi B, Encrypto, English, Faze Banks, Franck Muller, Free the Money Free the World, gorgeous watches, Gunna, Jordyn Woods, Kaash Paige, Luxury Timepieces, Mate Tokay, News Bitcoin, Promoted, Regal Assets, Swae Lee, Tyler Gallagher, Wristwatch, Young Thug

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