Komal Joshi · Oct 21, 2020 . 6min read
Fidelity Digital Assets alliances to safeguard private keys of Kingdom Trust clients
In a recent partnership, Kingdom Trust appoints Fidelity Digital Assets as an exclusive custodian for Bitcoin held in Choice retirement accounts
By Shilika · Jul 16, 2020 . 5min read
Fidelity Digital Assets, a firm which controls over $8 trillion in assets, has partnered with Kingdom Trust.The latter is a renowned retirement account fund manager. The partnership means that individual retirees can now safeguard their Bitcoin private keys along with their IRA’s(Individual Retirement Accounts).
In a press release published on 14th July 2020, Kingdom Trust laid down the nuances of the partnership. Individuals who have opted for a Bitcoin focused retirement investment plan now have the option to store their private keys with Fidelity. Specifically, those clients who have opened a ‘Choice’ account with Kingdom Trust. The agreement further announces that Fidelity will safeguard the digital assets as Bitcoin in a cold storage for Choice members.
Bitcoin constitutes Retirement portfolio
The CEO of Kingdom Trust, Ryan Radloff, expressed complete faith in Fidelity Digital Assets. Fidelity has been involved in the digital currency space since 2014. It is efficiently managing assets worth $8.1 trillions for it’s clients. It has since launched its subsidiary Fidelity Digital Assets two years ago.
An executive from Fidelity commented on how the infrastructure around digital assets has developed over the last two years. She believes that the Choice retirement account being offered by Kingdom Trust is a huge step forward. Especially, for those considering Bitcoin as a part of their retirement portfolio.
The alliance between the two signals a growing acceptance of Bitcoin. Moreover, of cryptocurrencies as a whole. Crypto involvement in traditional investments like retirement savings is drastically increasing. Within a decade, we are likely to see most major financial institutions offering services related to Bitcoin.
2020 has been witness to some of the biggest single-day losses in the US stock markets. Bitcoin has been an epitome of stability for many investors during this time. This is complete opposite to the prevailing perception of Bitcoin and cryptocurrencies. Hence it is not a matter of surprise that investors are pooling more and more funds into this space. However, the current volatility of the financial climate forces this.