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Coinbase to Manage Crypto Investments of 401(k) Provider ForUsAll
Workers in plans administered by ForUsAll will have the option to invest up to 5% of their contributions in crypto
Updated May 9, 2023, 3:20 a.m. Published Jun 10, 2021, 10:33 a.m.
Clients of 401(k) provider ForUsAll will be able to invest part of their retirement plans in cryptocurrency as a result of a new partnership with Coinbase.
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- Workers in plans administered by ForUsAll will have the option to invest up to 5% of their contributions in crypto, The Wall Street Journal reported Thursday. Coinbase, the crypto exchange, will manage trading and custody of the crypto through its institutional unit.
- ForUsAll administers 401(k) plans for 400 employer clients. It did not say how many have signed up for the option.
- The San Francisco-headquartered firm was founded in 2012 and holds $1.7 billion in retirement-plan assets.
- Crypto exposure in retirement plans is not widespread, a situation that may change as further institutional adoption takes hold.
Read more: New Zealand Fund Manager Puts 5% of Retirement Plan’s Assets Into Bitcoin: Report
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