- The news that pension provider ForUsAll is launching a 401(k) with cryptocurrency exposure is huge for the space
- The news went under the radar following the El Savador excitement, but it is an equally big development
- $22 trillion is locked up in pensions, money which could start moving into crypto
The news that a pension plan provider ForUsAll has launched America’s first crypto-exposed 401(k) went somewhat under the radar given developments in El Salvador last week, but the importance of such a move should not be underestimated. ForUsAll announced its Alt401(k) retirement plan on June 7 with Coinbase being chosen as the participating cryptocurrency entity in the deal, a move that breaks through a glass ceiling that the crypto world has long wanted to smash and one that opens up the possibility of trillions of dollars following suit in the years to come.
ForUsAll Won’t Mind El Salvador Taking Headlines
ForUsAll announced their Alt401(k) retirement plan on their blog last Monday, news that got some exposure but ultimately played second fiddle to El Salvador’s adoption of Bitcoin. However, ForUsAll won’t mind being usurped by the El Salvador news given that it ultimately reinforces the message that came with the launch of the product – that cryptocurrency represents a chance for everyday people to get access to the potential financial benefits of the cryptocurrency movement.
Crypto 401(k) Talk Began Last Year
Talk of a crypto 401(k) emerged last year when Digital Asset Investment Management announced that it would offer the first crypto-exposed 401(k), but ForUsAll has beaten it to the punch. The ForUsAll Alt401(k) plan will offer exposure to 50 cryptocurrencies on Coinbase, with digital assets making up 5% of the overall fund. The fact that a pension provider has finally felt confident enough to take a first step into the crypto world shows an increase in trust of the sector compared to years gone by, and such a development could have huge ramifications as the space matures.
ForUsAll holds some $1.7 billion in assets for its customers, which represents just the tip of a $22 trillion iceberg. Of course this money isn’t going to suddenly come flooding into crypto and pump your bags, but, as we saw with El Salvador, it just needs one pin to fall and suddenly others are encouraged to wobble.
 Retirement Plan is a Big First){kind=link}