San Francisco,CA, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Bitwage, the world's leading provider of Bitcoin and cryptocurrency payroll, invoicing, and benefits solutions, today announced its partnership with ForUsAll to offer the first-ever one-stop-shop for cryptocurrency 401(k) combined with cryptocurrency payroll.
The decision to introduce these products was based on overwhelming demand from customers, which was measured by a waitlist posted by Bitwage. It was clear that companies and employees desired direct access to Bitcoin and other cryptocurrencies as part of their company-sponsored retirement plans.
Through Bitwage’s integration with ForUsAll – a modern 401(k) provider that provides access to crypto, financial wellness, low fees and more – companies across the U.S. now have access to an easy-to-use, 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.
“Our goal is to provide a complete crypto payroll and benefits suite for employers and their workforce,” said Bitwage CEO, Jonathan Chester. “ForUsAll is one of the most seamless and compliant services on the market. Together, we create a one-stop-shop of crypto benefits and services that can scale to thousands of employees.”
Crypto contributions in the 401(k) can be made on a pre-tax or post-tax (Roth) 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.
ForUsAll’s 401(k) platform – called Alt401(k) – was especially compelling for Bitwage due to its robustness. Through the Alt401(k), employers have the choice to include cryptocurrency via a self-directed alt window inside the 401(k) alongside their investment lineup. From there, participants are able to transfer up to 5% of their portfolio into a cryptocurrency window where they can invest in a range of vetted institutional quality cryptocurrencies. ForUsAll closely monitors allocations, alerting employees when their overall cryptocurrency allocation exceeds 5% of their portfolio, making it easy to rebalance.
Other key features of the ForUsAll Alt401(k) include:
- A full turn-key automated 401(k) for employers, with both traditional and alternative investment options
- Employees can transfer up to 5% of their balances into a secure account that has exposure to certain cryptocurrencies
- Employees will be able to buy, hold, and sell a curated list of highly vetted, institutional-quality cryptocurrencies
- Employees will get ongoing portfolio monitoring and education
“This exciting partnership represents a natural progression in our mission to provide our customers with the very best, cutting-edge digital asset benefits,” concluded Chester.
For more information visit:
Contact:
Jonathan Chester, CEO
press@bitwage.com
About Bitwage
Bitwage is the global leader in Bitcoin, cryptocurrency and stablecoin payroll with services across invoicing and benefits services. The company also offers resources to employers, employees, and freelancers with their robust, online platform. Bitwage is headquartered in San Francisco, California with operations in the US, Europe, Latin America, and Asia. After a simple sign-up process, employees and freelancers are able to receive any percentage of their wage in Bitcoin with unique bank accounts offered in US, EU, and UK. International users can also receive their wages faster & cheaper than traditional banking channels through blockchain technology, receiving Bitcoin or fiat on the other end. Bitwage has processed $150MM in transactions with over 50,000 users and 2,000 companies. Since their inception in 2014, Bitwage has received $4MM in funding from Draper Associates, BnkToTheFuture, Overton VC, Candela Reach Capital, Plug and Play, BPI France and many others.
About ForUsAll
ForUsAll is a tech-enabled 401(k) provider that is pioneering the inclusion of cryptocurrency in retirement plans. Founded in 2012 by the same team that helped build Financial Engines, the largest registered investment advisor in the country, ForUsAll’s mission is to provide everyday Americans with the tools they need to build a brighter financial future. With $1.7B in assets under management, ForUsAll serves more than 80,000 retirement savers across over 500 plans, and is trusted by businesses that insist on a 401(k) experience their employees will love.
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