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401(k) Provider ForUsAll to Offer Crypto Investments Into CoinDesk Indices Constituents
This will be the first index-based digital asset offering available through a 401(k), says ForUsAll.
Updated May 9, 2023, 4:09 a.m. Published Mar 2, 2023, 2:24 p.m.
A coming offering from ForUsAll will allow employees to allot part of their 401(k) investments directly into the 28 constituents of the CoinDesk Market Select Index (CMIS).
"By leveraging CMIS, we can provide sophisticated self-directed investors access to a broad, diversified universe of the largest and most liquid crypto assets," ForUsAll CEO David Ramirez said in a press release, which said this is the first index-based digital asset offering available on a 401(k) platform in the U.S.
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CoinDesk Indices (CDI) is the creator of the Digital Asset Classification Standard (DACS). The CMIS uses the DACS and additional eligibility criteria to determine its constituents.
"CMIS offers exposure to digital assets with confidence that the assets meet our quality standards intended for tradability," said Jodie Gunzberg, managing director for CoinDesk Indices. She noted that index rules initially eliminated FTT (the exchange token of now-bankrupt FTX) because it wasn't priced by at least two eligible exchanges.
CoinDesk Indices is a subsidiary of CoinDesk.
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