ForUsAll is one of the investment and retirement companies which provides 401k retirement plan to the Americans. After this, it will allow all the participants to invest some portion of money in Crypto. The company announces this news after seeing the rising demand for the crypto product in the market. The company is planning to include 5% of the crypto products in the retirement account. This means you can invest 5% of the total amount in crypto.
As there are lots of cryptocurrencies in the market to invest in but the company is offering 50 different cryptocurrencies or now. According to the company, the crypto prices will be managed and custodied by one of the popular crypto wallets Coinbase. This is also a way to give retail easy exposure to the crypto market. The company didn’t mention anything about how many of its customers and employers have signed up for the offering after its lunch.
According to CEO Jeff Schulte “, the investment world has seen a huge change in the recent years and it will be changing in the coming days. In this crypto has been one of the hot and popular investment platforms for investors. There are many institutions that are investing some sort of money in crypto. After seeing the large adoption of Bitcoin and other crypto-assets we have also let our customer invest in this platform.”
There are about $6.7 trillion 401k plans which will be matured by the end of 2020. Similarly, ForUsAll manages about $1.7 billion worth of 401k plans of more than 70,000 employees. Similarly, ForUsAll is also the first company to let its investor invest some portion of the retirement amount into crypto products. There are many retirement companies that are also working to bring crypto into a retirement account. This will give easy access to most of the employees into crypto products. This wide adoption of crypto products can also decrease the volatility in the market as well.
According to Jeff Schulte “401k plans is slow as compared to other investment platforms. We are a small player in the market which lets us monitor the market easily and recognize trends easily. It also helps to take the position as a leader. So, giving such types of access to people to all the people is appropriate”.