Coinbase Enables Crypto Investments in 401(k) Retirement Accounts

Cryptocurrency exchange giant Coinbase is offering cryptocurrencies as part of the retirement plan options. Coinbase’s institutional arm has partnered with ForUsAll, a 401(k) provider that will allow workers in participating companies to invest up to 5% of their 401(k) contributions in Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and others.  

Coinbase Institutional will manage trading and custody of those coins.

Crypto exposure in retirement plans is not widespread. Currently, no 401(k) providers, including giants Charles Schwab and Fidelity, allow customers to buy or sell crypto in their individual retirement accounts (IRAs).

Founded in 2012, ForUsAll currently manages the accounts of 70,000 employees from 400 employer clients, holding about $1.7 billion in its retirement-plan assets. Launching the market’s first 401(k) plan to include cryptocurrencies, ForUsAll represents a small piece of the $22 trillion retirement-account market. 

Starting in July, workers of ForUsAll’s client companies can invest their payroll contribution into a “cryptocurrency window” account. Through Coinbase’s institutional trading platform, they will have access to about 50 cryptocurrencies. 


HK-Listed BC Group Receives Singapore’s Sovereign Fund Backing

BC Technology Group (00863.HK), which operates crypto exchange OSL, has raised HK$ 543.19 million through a share placement. The Hong Kong-listed company has received investment from GIC, Singapore’s sovereign wealth fund, which manages Singapore’s foreign reserves.

Part of the new funding will go towards expansion into the UK, Singapore, and the American market, according to BC Group. After the share placement, GIC will own 7.62% of the issued share capital of BC Group. 

Last week, Standard Chartered announced its plan to establish a crypto brokerage and exchange platform in the UK and Europe. The new exchange will be created by a joint venture between SC Ventures and BC Group, targeting institutional investors.