Kingdom Trust Appoints Fidelity Digital Assets To Custody Bitcoin In Choice Retirement Accounts
US-based custodial firm Kingdom Trust has appointed Fidelity Digital Assets as Exclusive Custodian for bitcoin held in cold storage via a Choice by Kingdom Trust account.
Kingdom Trust is a state-regulated public trust company. For nearly a decade, the firm has assisted clients with regulatory compliance by serving as a qualified custodian and specializing in a variety of asset classes. The firm claims to be the first regulated financial institution to offer qualified custody for digital asset investments. It provides custody services for over 30 different assets, including bitcoin, Bitcoin Cash, Bitcoin Gold, ethereum, Ethereum Classic, Litecoin, Ripple, ZCash and Stellar Lumens.
Fidelity Digital Assets offers a full-service enterprise-grade platform for securing, trading and supporting digital assets. A business of Fidelity Investments, one of the world’s largest and most diversified financial services providers with more than $8.1 trillion in client assets under administration, Fidelity Digital Assets combines the operational and technical capabilities of the broader Fidelity organization with dedicated blockchain expertise to deliver a completely new offering for institutional investors.
The exclusive institutional agreement between Kingdom Trust and Fidelity Digital Assets will give individual retirees the option to safeguard their tax-advantaged bitcoin with Fidelity Digital Assets via a Choice by Kingdom Trust retirement account.
“Personally, I’ve grown to trust the Fidelity family of brands as an individual investor in the traditional markets and now the bitcoin in my Choice retirement account can be kept secure by Fidelity Digital Assets,” said Ryan Radloff, CEO of Kingdom Trust. “For anyone who was considering bitcoin as part of their retirement portfolio, but was waiting for the infrastructure to mature and for familiar names to enter the space, that day is today. Bitcoin held in a tax-advantaged Choice retirement account, with cold storage provided by Fidelity Digital Assets is here. This is a remarkable day for bitcoin and retirement savers who demand choice – we’re humbled to be a part of the solution”
In late 2018, Fidelity Digital Assets publicly launched their bitcoin custody service for institutional clients. However, this is the first time that owners of self-directed IRA accounts who invest in bitcoin will be able to benefit from the infrastructure Fidelity Digital Assets has developed as a result of the exclusive custody agreement with Kingdom Trust.
“Since our market entry less than two years ago, we’ve seen significant progress in the infrastructure supporting investors in digital assets, and an evolution in the range of investors adopting digital assets into their portfolios,” said Christine Sandler, Head of Sales and Marketing at Fidelity Digital Assets. “We welcome innovation in this space and progressive offerings like the Choice retirement account that enable investments in digital assets and ultimately supports the maturation of the entire ecosystem.”
