Robo ForUsAll, a 401k provider, is granting participants the opportunity to invest in crypto-based assets via its Alt401(k) crypto brokerage window. The CoinDesk Market Select index, the first of its kind to be available on a 401k platform in the United States, is set to be released June.
The index is composed of 28 digital currencies, featuring well-known ones such as bitcoin, ethereum, and solana, with the remaining constituents to be phased in over the next couple of months. By the end of the second quarter, the entire portfolio is anticipated to be available. David Ramirez, CEO of the company, commented.
ForUsAll is also working on allowing participants to directly purchase the index, with the feature set to become available in the second half of 2021. According to Mr. Ramirez, this will give users a diverse exposure to the digital asset class. He stated: “We are delighted to be able to provide our customers access to the digital asset class through the CoinDesk Market Select index.”
The CoinDesk Market Select index will now be available to 401(k) savers through ForUsAll, an organization that is helping to advance the blockchain industry. According to the CEO of ForUsAll, Jeff Ramirez, diversification is still important even when it comes to emerging technologies. He has been advocating for cryptocurrency to be included in 401k plans, despite the warnings from regulators.
ForUsAll was the first company to offer crypto options through self-directed brokerage windows in retirement plans. This gives employers the chance to avoid fiduciary exposure that would be caused by including the investments in their core 403(k) menus. According to Ramirez, the crypto windows are designed for sophisticated investors who have the knowledge and capability to make their own decisions.
CoinDesk Market Select index is a subsidiary of CoinDesk.