Crypto custody provider Legacy Trust is introducing one of the first digital assets-based pension plans.
The Hong Kong-licensed company revealed on September 4 that the scheme will be on offer to both workers of participating companies and the self-employed, and will provide an underlying portfolio that incorporates cryptos as well as fiat currencies. It’s also anticipated to appeal to crypto investors.
Vincent Chok, CEO of Legacy Trust, stated:
“We envisage that this will appeal to businesses who are active in the digital assets space, and who want to offer additional benefits to their employees to retain talent and recognise achievement. What better way to drive employee loyalty while allowing valuable staff to participate in the growth of the company and the digital asset space?”
Either voluntary commitments will fund the plan or deducted directly from workers compensation. The pension will be given after retirement of the scheme member, or to recipients in the occasion of their death.
Legacy Trust stated the plan “addresses various tax concerns for digital assets holders,” though it did not provide any specifics.
In March, the company joined forces with hardware wallet producer Ledger to provide “institutional-grade” cryptocurrency custody.
By utilizing Ledger’s multi-signature crypto wallet management product Ledger Vault, Legacy Trust stated at the time it could “securely and efficiently” custody customers’ digital assets, such as bitcoin and ethereum-based ERC-20 tokens.