12 August 2020
Legacy Trust is a service platform facilitating for over 25 years in trust, custody, and asset servicing catering institutions, corporations, and high net-worth individuals.
The mission of the Legacy Trust states, “Never satisfied with status quo, our mission is to be the experts of the ever-changing regulatory world while using the latest technology to be at the forefront of innovation resulting in a profitable business.”
The Bitcoin Pension is a cryptocurrency retirement plan facilitated by the Legacy Trust with reference to tax and estate planning. It offers the members contributing to digital assets and benefiting from other traditional assets. Legacy Trust states itself to be the world’s first digital asset pension plan that would involve cryptocurrencies and traditional investments in its asset portfolio. The company’s funds are also stated to be in accordance with the Hong Kong regulations.
Vincent Chok, the CEO of Legacy Trust said,
“We envisage that this will appeal to businesses who are active in the digital assets space, and who want to offer additional benefits to their employees to retain talent and recognise achievement. What better way to drive employee loyalty while allowing valuable staff to participate in the growth of the company and the digital asset space?”
The pension plan is available across the world only with the terms of its member to be gainfully employed or self-employed. For the individuals, it provides to help plan, and earn benefits from the wealth that was gathered in digital assets for retirement. While for the businesses it aids utilizing the digital asset enabling added benefits to their employees.
The plan will be funded voluntarily either by employee or employer, else from the employee’s salary through digital asset or fiat currencies leading to paying of pension after the retirement of the member or in case of death than to the beneficiaries of the member. The contributions and the underlying asset portfolio includes all the major cryptocurrencies, ERC-20, and fiat currencies.
Legacy Trust offers regulated custody, institutional-grade Ledger Vault technology, and insurance coverage. It has partnered with Ledger - a crypto wallet provider to facilitate custody services for its members.
For instance, if an individual contributes 1 ETH every year for over a period time of 10 years with an average annual return of 10%. By the end of 10 years, the person will have approx 6.73 ETH in their account for their retirement. And with the growth of cryptocurrency in the space, we can only imagine the value it would hold then.