A major financial institution has launched a no-fee individual retirement account enabling U.S. adults to invest in cryptocurrency with tax advantages.
Managing assets exceeding $6 trillion, the firm now includes Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) among its retirement investment options.
This new crypto IRA gives access to both tax-free (Roth) and tax-deferred (traditional and rollover) retirement accounts. While there are no fees for account maintenance or custody, the company applies a 1% spread on the execution price for crypto transactions.
The organization has introduced this product in response to increasing demand from investors for digital assets in retirement planning.
To enhance security, the majority of assets will be stored in cold wallets. Clients will be able to manage their investments through the firm’s existing platform, allowing them to integrate crypto alongside traditional assets.
This service may not be available in all states, meaning some residents in the U.S. might face delays in access.
Crypto offerings from the firm
The company has been broadening its cryptocurrency options over the past year.
It already offers exchange-traded funds for Bitcoin and Ethereum and has recently submitted a filing to list a Solana ETF on the Cboe exchange.
Reports indicate that the firm is also considering launching its own stablecoin to streamline crypto transactions within its ecosystem.
This initiative is part of a larger trend of traditional financial institutions incorporating cryptocurrency into their services. As an increasing number of asset managers launch crypto-based retirement solutions, this firm’s initiative could further promote the mainstream acceptance of digital assets in long-term investment strategies.