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Custody Provider Legacy Trust Launches Crypto Pension Plan
Cryptocurrency custody provider Legacy Trust is launching one of the first digital assets-based pension plans.
Updated Sep 13, 2021, 11:24 a.m. Published Sep 4, 2019, 10:16 a.m.
Cryptocurrency custody provider Legacy Trust is launching one of the first digital assets-based pension plans.
The Hong Kong-licensed firm announced on Wednesday that the scheme will be on offer to both employees of participating firms and the self-employed, and will offer an underlying portfolio that includes cryptos as well as fiat currencies. It's also expected to appeal to crypto investors.
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Legacy Trust CEO Vincent Chok said:
“We envisage that this will appeal to businesses who are active in the digital assets space, and who want to offer additional benefits to their employees to retain talent and recognise achievement. What better way to drive employee loyalty while allowing valuable staff to participate in the growth of the company and the digital asset space?”
The plan will be funded by either voluntary contributions or deducted directly from an employees salary. The pension will be paid out after retirement of the scheme member, or to beneficiaries in the event of their death.
Legacy Trust said the plan "addresses various tax concerns for digital assets holders," though it did not offer any details.
In March, the firm partnered with hardware wallet maker Ledger to offer “institutional-grade” cryptocurrency custody.
By utilizing Ledger’s multi-signature cryptocurrency wallet management product Ledger Vault, Legacy Trust said at the time it would be able to “securely and efficiently” custody clients’ digital assets, such as bitcoin and ethereum-based ERC-20 tokens.
Pensioners and coins image via Shutterstock
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