Custody Provider Legacy Trust Launches Crypto Pension Plan (#GotBitcoin?)
Cryptocurrency custody provider Legacy Trust is launching one of the first digital assets-based pension plans. Custody Provider Legacy Trust Launches Crypto Pension Plan (#GotBitcoin?)
The Hong Kong-licensed firm announced on Wednesday that the scheme will be on offer to both employees of participating firms and the self-employed, and will offer an underlying portfolio that includes cryptos as well as fiat currencies. It’s also expected to appeal to crypto investors.
Legacy Trust CEO Vincent Chok Said:
“We envisage that this will appeal to businesses who are active in the digital assets space, and who want to offer additional benefits to their employees to retain talent and recognise achievement. What better way to drive employee loyalty while allowing valuable staff to participate in the growth of the company and the digital asset space?”
The plan will be funded by either voluntary contributions or deducted directly from an employees salary. The pension will be paid out after retirement of the scheme member, or to beneficiaries in the event of their death.
Legacy Trust said the plan “addresses various tax concerns for digital assets holders,” though it did not offer any details.
In March, the firm partnered with hardware wallet maker Ledger to offer “institutional-grade” cryptocurrency custody.
By utilizing Ledger’s multi-signature cryptocurrency wallet management product Ledger Vault, Legacy Trust said at the time it would be able to “securely and efficiently” custody clients’ digital assets, such as bitcoin and ethereum-based ERC-20 tokens.
Winklevoss’ Gemini Crypto Exchange Launches Custody Service
The New York-based cryptocurrency exchange Gemini, founded in 2014 by twin brothers Cameron and Tyler Winklevoss, has launched its own custody service, Gemini Custody.
In a press release shared with Cointelegraph on Sept. 10, Gemini states that the newly launched custody solution will allow its customers to check balances, download account statements, initiate withdrawals, and grant auditors view-only access to confirm balances, transactions and activity.
Customers will also be able to trade their assets in custody on the Gemini exchange without waiting for them to be transferred from cold storage.
18 Supported Assets
Gemini Custody reportedly supports 18 cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), Zcash, as well as the following ERC-20 tokens: 0x (ZRX), Augur (REP), Basic Attention Token (BAT), Bread (BRD), Dai (DAI), Decentraland (MANA), Enjin (ENJ), Flexacoin (FXC), Gemini dollar (GUSD), Kyber Network (KNC), Loom Network (LOOM), Maker (MKR) and OmiseGo (OMG).
CEO of Gemini Tyler Winklevoss said that the much-needed maturation of crypto as an asset class depends on custodial security. He added,
“From day one, Gemini recognized the need for a world-class custody solution that is secure, compliant, and easy to use for individuals and institutions around the world.”
Jeanine Hightower-Sellitto, managing director of operations at Gemini explained that institutional investors have demonstrated a clear and growing demand for crypto, but that some struggle to find a solution that fully meets complex regulatory and security requirements.
Tyler and Cameron Winklevoss recently said that they are open to partnering with Mark Zuckerberg on Facebook’s Libra stablecoin project. Cameron argued that Libra represents a step forward in the mass adoption of cryptocurrency.