Users will be able to access Bitwage features and the 401(k) on one platform and can make pre or post-tax contributions.
Bitwage, a bitcoin and cryptocurrency payroll provider, has partnered with ForUsAll to offer 401(k) retirement plans with bitcoin, per a release sent to Bitcoin Magazine.
ForUsAll is a fintech company focused on providing high-tech 401(k) plans which support bitcoin and other cryptocurrencies.
Thus, while Bitwage continues to support functions that allow anyone to get paid in BTC, even if their employers don’t like it, those same users can now opt into a bitcoin or crypto-backed 401(k).
“Our goal is to provide a complete crypto payroll and benefits suite of services for employers and their workforce,” said Bitwage CEO, Jonathan Chester.
Contributions to the 401(k) can be made or a pre-tax or post-tax (Roth) basis. Users leveraging a Roth account would accrue zero capital gains tax on their bitcoin if they waited until retirement age to use the funds available.
“ForUsAll is one of the most seamless and compliant services on the market,” said Chester. “Together, we create a one-stop-shop of crypto benefits and services that can scale to thousands of employees.”
The partnership between the two companies is supported by a single-sign on experience, meaning users will have access to the full suite of features in one location. Additionally, all Bitwage users will receive three months of fees for the 401(k) plan waived for signing up for an unknown limited time.
The new partnership follows a waiting list initially put out by Bitwage to gauge interest in the product, which the company said received “overwhelming” support.
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