Bitwage Partners with ForUsAll to Offer One-Stop-Shop for Crypto 401(k) and Crypto Payroll
Bitwage, the world’s leading provider of Bitcoin and cryptocurrency payroll, billing 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.
Bitwage CEO
Bitwage
San Francisco, CA, Oct. 13, 2022 (GLOBE NEWSWIRE) — Bitwage, the world’s leading provider of Bitcoin and cryptocurrency payroll, billing and benefits solutions, today announced its partnership with ForUsAll to offer the very first one-stop for cryptocurrency 401(k) combined with cryptocurrency salary.
The decision to introduce these products was based on overwhelming customer demand, as measured by a waiting list posted by Bitwage. It was clear that companies and employees wanted 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—businesses across the U.S. now have access to an easy-to-use, fully compliant 401(k) retirement plan that enables for employees to automatically contribute a portion of their paycheck to crypto via ForUsAll’s self-managed crypto window.
“Our goal is to provide a complete crypto salary and benefits package for employers and their workforce,” said Bitwage CEO Jonathan Chester. “ForUsAll is one of the most seamless and compatible services on the market. Together, we are creating a one-stop shop of crypto benefits and services that can scale to thousands of employees.”
Crypto contributions to 401(k) can be made before tax or after tax (Roth). This results in increased tax savings for users, because cryptocurrency held or traded in a Roth 401(k) account would incur zero capital gains tax, no matter how much the balance increases when an investor retires.
ForUsAll’s 401(k) platform – called Alt401(k) – was particularly compelling to Bitwage due to its robustness. Through Alt401(k), employers have the choice to include cryptocurrency via a self-managed alt window inside the 401(k) next to the investment selection. From there, participants can transfer up to 5% of their portfolio to a cryptocurrency window where they can invest in a variety of vetted institutional quality cryptocurrencies. ForUsAll closely monitors allocations, notifying employees when their combined cryptocurrency allocation exceeds 5% of their portfolio, making rebalancing easy.
Other key features of ForUsAll Alt401(k) include:
-
A fully turnkey automated 401(k) for employers, with both traditional and alternative investment options
-
Employees can transfer up to 5% of their balances to 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-grade cryptocurrencies
-
Employees will receive 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 benefits for digital assets,” Chester concluded.
For more information visit:
https://www.bitwage.com
Consult:
Jonathan Chester, Managing Director
About Bitwage
Bitwage is the global leader in Bitcoin, cryptocurrency and stablecoin payroll with services across billing 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 registration process, employees and freelancers can receive any percentage of their salary in Bitcoin with unique bank accounts offered in the US, EU and UK. International users can also receive their salary faster and 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 its 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 technology-enabled 401(k) provider 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 aims to give everyday Americans the tools they need to build a brighter financial future. With $1.7 billion in assets under management, ForUsAll serves more than 80,000 retirement savers across more than 500 plans and is trusted by businesses that insist on a 401(k) experience their employees will love.
Attachments
CONTACT: Jonathan Chester Bitwage [email protected]
