Today, an investment firm with over $18 billion in assets under custody, Choice, announced the launch of their new iOS app that allows all users to invest in bitcoin — tax free.
“Now, the moment you decide you want to invest in your future, you can open your phone, create an account and start trading thousands of assets — including bitcoin— all from the palm of your hand, all without capital gains taxes,” said Ryan Radloff, CEO of Choice.
Choice says there are over 15.2 million people in the United States who own bitcoin and have a retirement account, but own 0 BTC in their retirement account. With this new app, it seems to be the best and most convenient way to invest in bitcoin — tax free.
Choice wanted to take this tax-free investment vehicle (an IRA) right to their customers’ fingertips. In today’s digital age, almost everyone has a smartphone and thus has the ability to use their services. 60% of Americans who don’t have investments outside of their retirement accounts now have access to investing in bitcoin on their own, in a tax-free way. Choice is tapping into a gigantic market with this move.
“Over 80% of Facebook and Twitter usage is via mobile, so to actually solve the retirement crisis the U.S. faces, we had to make retirement accessible and meet people where they already live their lives. Today we are taking a big step in that direction,” said Ryan Radloff, CEO of Choice.
The most common statement I hear from many Bitcoiners when it comes to news like this is, “Well if it’s not your keys it’s not your bitcoin.” And if you were thinking that, I have good news for you, because when you use bitcoin within the Choice app you get the option to either hold your own keys or use Fidelity as a custodian. You can be completely in control of your bitcoin.
Choice is an offering of Kingdom Trust Company, an independent qualified custodian regulated by the South Dakota Division of Banking. It specializes in unique and innovative custody solutions for individual investors, investment sponsors, family offices, advisory firms, broker dealers, and various other investment platforms.
With its launch in May of 2020 Choice became the first retirement provider to offer a single account for all client retirement assets, physical or digital, legacy or traditional. Today, the platform powers more than 125,000 retirement accounts, and custodies more than $18 billion worth of assets across thousands of unique assets. Digital assets now account for over $1.6 billion, or approximately 10% of assets since Choice’s launch last May.