Victor Ugochukwu · Dec 14, 2020 . 5min read
DAiM introduces first employer-sponsored Bitcoin retirement plans in the U.S.
DAiM has launched the U.S.'s first employer-sponsored retirement plans for employees that support investments in Bitcoin.
By Komal Joshi · Nov 20, 2020 . 5min read
Digital Asset Investment Management, or, DAiM, a California-based investment advisor for digital assets, announced the launch of the first employer-sponsored Bitcoin retirement plans in the U.S. DAiM is an authorized investment advisor for Bitcoin and other digital assets. According to the blog post, the investment advisor will act as the plan fiduciary. Moreover, it will be accountable for benchmarking, selecting, and management of the investment offerings. It will assist companies in developing a 401(k) plan with over 10% of asset allocation to Bitcoin.
DAiM collaborates with Gemini Trust to hold Bitcoin in cold storage.
DAiM has collaborated with Gemini Trust for institutional cold storage custody of digital assets. Moreover, Bitcoin associated with the recently launched retirement plans will be secured by Gemini Trust. According to DAiM, new crypto plans are docile with the Employee Retirement Income Security Act of 1974. It will be provided by employers from 2021. However, the investment advisor intends to solve problems linked to conventional retirement plans. Moreover, it solves dark investment options with cheap returns via new Bitcoin retirement plans.
Various companies will join the retirement program after its expansion. Amidst the ongoing rise in Bitcoin’s price, designating Bitcoin as part of the retirement portfolio appears to be satisfactory by the employees. However, once the concept gains approval by the public, more associates will assist in pushing Bitcoin’s price to a further high. DAiM has its headquarters in Newport Beach, CA. In 2018, it was the first licensed Registered Investment Advisor in May 2018. Thus, granting immediate access to Bitcoin and Digital Assets in Separately Managed Brokerage accounts and IRAs.
About the new policy, Adam Pokornicky, COO at DAiM, states that the conventional wealth management industries have remained slow in adopting bitcoin. Additionally, one should note that there are hardly any investment advisors providing access to BTC directly in brokerage and retirement accounts. Moreover, he credits the sector’s objection to severe administrative red tape encompassing crypto compliance. He emphasizes that it took approximately a full year of slow-building to gain permission to extend its employer-sponsored services.
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