Regal Assets, an alternative investments firm, partnered with custodian Kingdom Trust and crypto exchange Coinbase to develop and provide a fully insured Bitcoin and cryptocurrency individual retirement accounts (IRA) in the US.
Coinbase Steps Into Crypto IRAs
Bitcoin and crypto IRAs aren’t a novelty in the US, but the trio wants to take this financial instrument to a whole new level. The new crypto IRA accounts will enable investors to access the widest range of crypto assets directly via Coinbase.
Besides, Regal Assets claims that users will enjoy low fees and will be protected by an insurance policy. Specifically, the insurance protection for the Bitcoin IRA accounts is worth an aggregate $200 million.
Consumers will be able to choose not only from typical crypto offers like Bitcoin, Ethereum, Ripple, and Litecoin, but also from next-generation and more exotic tokens, including EOS, Tezos, Zilliqa, Chainlink, Maker, Basic Attention Token, and more. In total, Regal Assets will support 30 different tokens. This is the first time Coinbase has stepped into the IRA space and marks a promising new addition to the leading crypto company’s future direction.
Regal Assets CEO Tyler Gallagher commented:
Clients make all the decisions themselves when it comes to digital asset selections and allocation, but do have the option of guidance by connecting with their dedicated account manager.
The company launched its first Bitcoin and crypto IRA accounts in 2017. The launch came soon after receiving a crypto trading license from the US government. Regal Assets has become the direct competitor of Bitcoin IRA.
Interestingly, Bitcoin IRA just won a legal battle against Kingdom Trust, the custodian partner of Regal Assets.
US Judge Rules Against Kingdom Trust
Kingdom Trust acted as a custodian to Bitcoin IRA. However, the latter hired BitGo instead and moved its crypto IRA accounts there. Kingdom claimed that Bitcoin IRA used deceptive practices during the transfer of accounts. As a result, it decided to block customers’ access to their own data on Bitcoin IRA’s site.
After a fierce legal battle, Bitcoin IRA announced earlier today that it won the case. A federal judge in South Dakota District Court required Kingdom Trust to fully restore data access to all affected Bitcoin IRA customers.
Do you think cryptocurrencies are a great fit for IRA accounts? Share your thoughts in the comments section!
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