Bitcoin IRA Processes $400M in Transactions Since Launch
Bitcoin IRA, a US-based company that offers individual retirement accounts compatible with cryptocurrencies, announced on Tuesday that it had exceeded the $400 million mark in crypto transactions since its launch in 2016.
Bitcoin IRA Launched Self-Trading Crypto IRA Platform in Late 2018
About one year ago, the company announced its 24/7 self-trading crypto IRA service. Clients can use the platform to open a new IRA account or convert an existing retirement account.
The product has been quite popular in the US. Users have moved hundreds of millions in crypto transactions in the last twelve months alone. Since its launch in 2016, the crypto IRA provider has processed more than $400 million in investments.
Bitcoin IRA COO Chris Kline commented:
Reaching this new high is a testament to our top-notch security features, superior customer experience, competitive pricing, innovative product offering, seamless online IRA transfer process and proprietary real-time 24/7 self-trading platform. We are proud to be the market leader and by offering these one-of-a-kind features we continue to raise the bar in the industry.
The executive said that the company would launch several major products this year. They should help accelerate expansion and further improve the client’s capability to self-manage and grow their retirement portfolios.
2019 was a successful year for Bitcoin IRA, which achieved several accomplishments:
- Partnered with BitGo Trust to improve its custody solutions to offer $100 million insurance, cut custody fees by 30%, and ensure military-grade security with SOC 2 Type 2 certification and bank-grade Clas III vaults from BitGo.
- Launched an interest-earning beta program that allows select customers to earn interest on their crypto and cash holdings.
- Launched cryptocurrency Swaps.
- Held a private round of investment capital.
- Launched Digital Gold as an option to its self-trading retirement platform.
- Integrated Advanced Biometric Security to improve BSA/AML compliance.
Conflict with Kingdom Trust Continues
The fact that Bitcoin IRA chose to collaborate with BitGo Trust back in 2018 turned its former custodian Kingdom Trust against it. The battle continues to this day, with the latter asking a federal judge to call for sanctions against Bitcoin IRA. Kingdom Trust claims that Bitcoin IRA filed the same court action in different jurisdictions, which is not legal in the US.
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