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Bitwage, a provider of Bitcoin and cryptocurrency payroll, invoicing, and benefits solutions, has announced a partnership with ForUsAll to offer a cryptocurrency 401(k) combined with cryptocurrency payroll.
The decision to introduce these products was based on demand from customers, which was measured by a waitlist posted by Bitwage.
Through Bitwage’s integration with ForUsAll, a 401(k) provider that offers access to crypto, financial wellness, low fees and more, companies across the U.S. now have access to a fully compliant 401(k) retirement plan that enables employees to automatically contribute a portion of their paycheck to crypto via ForUsAll’s self-directed crypto window.
Crypto contributions in the 401(k) can be made on a pre- or post-tax basis. This results in increased tax savings for users because cryptocurrency held or traded in a Roth 401(k) account would accrue zero capital gains taxes, no matter how much the balance increases by the time an investor retires.
Through ForUsAll’s 401(k) platform—called Alt401(k)—employers have the choice to include cryptocurrency via a self-directed alternate window inside the 401(k) alongside their investment lineup. From there, participants can transfer up to 5% of their portfolio into a cryptocurrency window where they can invest in a range of vetted institutional-quality cryptocurrencies. ForUsAll monitors allocations, alerting employees when their overall cryptocurrency allocation exceeds 5% of their portfolio, making it easy to rebalance.
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