Bitwage and Gemini Partner to Launch Bitcoin-Based Retirement Plan for Employees

Cryptocurrency payroll service Bitwage has announced the launch of a Bitcoin 401 (k) plan, allowing companies to give their employees a BTC-based retirement plan.

In a press statement, Bitwage, which claims to have tested the product on its own employees for 10 months, said workers now have the ability to invest their pre-tax and post-tax dollars in BTC, through their employer.

A 401(k) is a retirement plan that allows employees of a company to save and invest for retirement on a tax deferred basis. Under the plan, companies can match employee contributions in part, or in whole.

The pre-tax plan, also known as traditional 401k, allows investment deferrals on income tax until withdrawal while the post-tax plan or Roth 401k allows investments that are tax-free on qualifying withdrawals.

Based out of San Francisco, Bitwage is collaborating with crypto exchange Gemini, pension service provider Leading Retirement Solutions, and custodian service owner Kingdom Trust on the plan.

“All funds…