The Future Coin

Bitcoin

$36,644.84

BTC -1.03%

Ethereum

$1,245.38

ETH 5.69%

XRP

$0.28

XRP 0.96%

Litecoin

$146.16

LTC 1.54%

EOS

$2.80

EOS 1.56%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Bitcoin News

Bitwage Rolls Out Bitcoin 401(k) Plan With Help From Gemini

by The Future Coin
May 26, 2020
in Bitcoin News
0
Bitwage Rolls Out Bitcoin 401(k) Plan With Help From Gemini
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Employers struggling to meet the conditions set by the U.S. government’s loan program may find salvation in an unlikely place: a new bitcoin 401(k) plan from Bitwage.

Calling the product a world first, the crypto payroll company said Tuesday it had successfully trialed its bitcoin 401(k) employee pension account and would start offering the plan to companies – especially those trying to meet the 75% payroll requirement in the federal Paycheck Protection Program (PPP).

The PPP has proven to be a lifeline for U.S. businesses struggling in the coronavirus pandemic. A total of $660 billion has been lent out nationwide by the Small Business Administration (SBA). To incentivize staff retention, the program offers 100% loan forgiveness if employers spend at least 75% of funds received on payroll expenses.

Crucially, the SBA includes things such as retirement benefits in the bucket of payroll expenses, says Bitwage. It adds that devoting some of the loans into 401(k) plans can count towards hitting the crucial 75% target.

“This gives companies an opportunity to provide matching or profit sharing contributions to employee 401k accounts in order to help close the gap to receive full loan forgiveness,” Bitwise said in a press release. “Together with the PPP program, the Bitwage Bitcoin 401(k) Plan allows employers to get more out of their PPP loans, while providing their employees new and innovative investment options.”

Based in San Francisco, Bitwage wants to integrate cryptocurrencies into everyday life. Company clients can use Bitwage to offer their employees the option to have their wages paid in crypto. Although its primary focus remains on the U.S. it has set its sights on a more global clientele, offering fiat support in more than eighteen different currencies.

The Bitcoin 401(k) plan is a collaboration with three other firms: crypto exchange Gemini, the custodian service Kingdom Trust, as well as the established pension provider, Leading Retirement Solutions, who keep records for the 401(k) plan with the Department of Labor and the Internal Revenue Service (IRS).

“Our vision includes integrating the Gemini trading engine directly inside of the 401(k) Plan so institutional as well as retail investors have access to the same Gemini trading tools inside of tax-incentivized retirement accounts,” Bitwage said.

Although Bitwage’s plan is geared toward employers interested in offering bitcoin, employees can also choose to gain exposure to traditional asset classes too, including equities and bonds, via its link-up with Leading Retirement Solutions.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Source link

EDITOR’S CHOICE

New Bitcoin Billionaires | Bitcoin Banks Coming

Top 5 Crypto News: 01/16 - Cryptocurrency News

Russian Metals Firm Norilsk Nickel Backs IBM’s Responsible Sourcing Blockchain Pact - Yahoo Finance

Fall River Business Owner Says He Regrets His Part in Capitol Riot – NBC Boston

Ethereum competitor Near Protocol (NEAR) gains 106% as DeFi heats up

Will LTC Price Surge in 2021?

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 36,324.00
ethereum
Ethereum (ETH) $ 1,230.87
tether
Tether (USDT) $ 1.00
polkadot
Polkadot (DOT) $ 17.43
ripple
XRP (XRP) $ 0.283140
cardano
Cardano (ADA) $ 0.384810
litecoin
Litecoin (LTC) $ 145.13
bitcoin-cash
Bitcoin Cash (BCH) $ 491.12
chainlink
Chainlink (LINK) $ 20.19
stellar
Stellar (XLM) $ 0.309370
binancecoin
Binance Coin (BNB) $ 43.41
usd-coin
USD Coin (USDC) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 36,297.00
bitcoin-cash-sv
Bitcoin SV (BSV) $ 205.70
monero
Monero (XMR) $ 156.95
eos
EOS (EOS) $ 2.78
aave
Aave (AAVE) $ 191.12
tezos
Tezos (XTZ) $ 2.97
tron
TRON (TRX) $ 0.030409
havven
Synthetix Network Token (SNX) $ 15.56
cosmos
Cosmos (ATOM) $ 8.92
theta-token
Theta Network (THETA) $ 2.09
nem
NEM (XEM) $ 0.222774
celsius-degree-token
Celsius Network (CEL) $ 4.93
crypto-com-chain
Crypto.com Coin (CRO) $ 0.082360
uniswap
Uniswap (UNI) $ 8.59
vechain
VeChain (VET) $ 0.027486
neo
NEO (NEO) $ 23.70
okb
OKB (OKB) $ 6.06
compound-ether
cETH (CETH) $ 24.68
compound-usd-coin
cUSDC (CUSDC) $ 0.021448
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 1.40
maker
Maker (MKR) $ 1,471.54
dash
Dash (DASH) $ 125.53
dogecoin
Dogecoin (DOGE) $ 0.009227
iota
IOTA (MIOTA) $ 0.421957
zcash
Zcash (ZEC) $ 107.41
binance-usd
Binance USD (BUSD) $ 1.00
filecoin
Filecoin (FIL) $ 23.81
yearn-finance
yearn.finance (YFI) $ 34,393.00
huobi-token
Huobi Token (HT) $ 5.21
avalanche-2
Avalanche (AVAX) $ 12.80
sushi
Sushi (SUSHI) $ 7.42
kusama
Kusama (KSM) $ 100.93
solana
Solana (SOL) $ 3.48
ethereum-classic
Ethereum Classic (ETC) $ 7.81
zilliqa
Zilliqa (ZIL) $ 0.078438
compound-governance-token
Compound (COMP) $ 209.54
ftx-token
FTX Token (FTT) $ 9.47