Sirlibz
Since its halving, BTC and the crypto space as a whole has gained some attention. It has been seeing a lot of users lately ranging from individual firms to large organizations or companies. The Blockchain technology itself is being utilized in different countries to build future innovations.
Kingdom Trust, an Asset custodian company that powers over 100,000 retirement accounts and has in custody over 20,000 assets ranging from Physical Cash, land, private equity and now BTC.
The South Dakota based company manages more than $13 billion across its assets. The company has launched a retirement account that supports crypto assets like Bitcoin. So this helps users not only to see Bitcoin as something to trade and take fiat, but you could also hold them in your retirement account in addition to other assets.
To kick start this initiative, Kingdom Trust is giving out $63.5 worth of BTC to the first 1000 Choices account holders. This is a special account type for holding BTC as an asset on the kingdom Trust platform.
Speaking about this, Coin shares Founder and Kingdom Trust CEO , Ryan Radloff stated
“By our estimates, there are 7.1 million Americans who own Bitcoin, have a retirement account, but currently don’t have the option to hold Bitcoin in their retirement account with their other assets,” said Radloff.
“What we are doing, is we are now opening up the ability to not just trade Bitcoin, but you can do digital assets or legacy assets like your stocks and bonds from one [retirement] account,” he added.
Purpose of this Initiative
Radloff also revealed that the move was motivated by the desire to give individuals options to also invest their retirement funds into crypto assets.
He also stated that Banks are making BTC look like a scam or a very risky investment option thereby forcing these individuals to only invest in stocks etc.
“Right now, most of these Americans’ retirement accounts are sitting at some bank that is telling them that Bitcoin is too risky while at the same time forcing them to only own stocks or mutual funds,” Radloff continued.
“I’m mad as hell about that. So we’re out to do something about that, where you can have the choice to own Bitcoin or stocks and bonds from one account for the first time, so that we’re not just dictated by these banks to stay in the Fed’s rat-trap.”
On May 19th, JRNY CRYPTO released an article stating that the popular BITWALA, a German Neobank was giving 4.3% interest for holding BTC in your account.
Soon, BTC holders won’t just depend on the price action to earn alone, they will soon receive rewards for holding.
