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1 March 2024
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Financial Giant Fidelity Offers Bitcoin (BTC) Custody Solution for Retirement Accounts

Fidelity Digital Assets will act as the exclusive Bitcoin custodian for Kingdom Trust’s recently launched Choice retirement solution.

Choice is a retirement account that allows investors to allocate their retirement funds to both digital and traditional assets. In a press release, Kingdom Trust says Fidelity Digital Assets, a sub-division of financial services firm Fidelity Investments, will be the sole cold storage provider for digital assets in Choice.

Ryan Radloff, CEO of Kingdom Trust, says that the exclusive agreement will allow retirement portfolios with BTC allocations to be secured by trusted institutions.

“Personally, I’ve grown to trust the Fidelity family of brands as an individual investor in the traditional markets and now the bitcoin in my Choice retirement account can be kept secure by Fidelity Digital Assets. For anyone who was considering bitcoin as part of their retirement portfolio, but was waiting for the infrastructure to mature and for familiar names to enter the space, that day is today,”

Those who choose to secure their Bitcoin through the custody solution will not have access to their private keys. Instead, Fidelity Digital Assets promises safekeeping and charge a 1% fee on assets held.

Christine Sandler, Head of Sales and Marketing for Fidelity Digital Assets, says the partnership is another step toward wider crypto adoption.

“Since our market entry less than two years ago, we’ve seen significant progress in the infrastructure supporting investors in digital assets, and an evolution in the range of investors adopting digital assets into their portfolios.”

News Source

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