- Coinbase Global is partnering with 401(k) provider ForUsAll to enable workers in plans that it administers to invest up to 5% of their contributions in various cryptocurrencies. These are the details.
Coinbase Global Inc (NASDAQ: COIN) is partnering with 401(k) provider ForUsAll to enable workers in plans that it administers to invest up to 5% of their 401(k) contributions in various cryptocurrencies, according to a report by The Wall Street Journal. It is unknown how many ForUsAll employer clients signed up for the cryptocurrency platform.
ForUsAll offers automated 401(k) administration and access to low-cost mutual funds along with support from human advisers. In terms of assets under management, ForUsAll represents about $1.7 billion worth of retirement plans.
Most brokerages do not allow customers to buy or sell cryptocurrencies through taxable accounts or IRAs. However, they can buy shares in trusts that invest in cryptocurrencies from companies like Grayscale Investments. Fidelity also filed with the SEC to offer a cryptocurrency ETF.
Cryptocurrency advocates argue that these types of asset classes could be a hedge against inflation.
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