Retirement fund-focused crypto company Bitcoin IRA on Tuesday announced its partnership with BitGo Trust to facilitate crypto fund storage on the latter’s platform.
Per the press release, all the crypto funds of the Los Angeles-based company’s will also enjoy BitGo’s $100 million insurance protection. In addition, Bitcoin IRA also reduced its storage fee by 30 percent, along with a reduction in the client transaction fees.
Commenting on the partnership, Chris Kline, COO, Bitcoin IRA, said: “Our partnership with BitGo Trust provides our clients with faster account funding, lower fees, as well as significantly increased insurance protections. This establishes us not only as of the premiere digital asset retirement platform but also expands us to a leading full-service solution for businesses with a large number of retail clients looking to easily invest in digital assets safely and securely.”
The crypto company has also launched a new self-directed digital asset IRA.
Crypto for retirement
IRAs are savings accounts with certain tax advantages that are intended to be accessed at the time of the saver’s retirement.
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Bitcoin IRA started its business by providing retirement-oriented investment services to its clients, but the firm soon started to expand its reach in the industry. Recently, it launched a Self-Trader platform which enables its customers to buy, sell, and swap cryptocurrencies directly inside their retirement accounts.
According to the company, Bitcoin IRA has processed over $350 million since its establishment in 2016 and has gained more than 4,000 clients.
To gain more clients, both the companies have decided to waive the first year’s deposit fee for a limited number of customers.
“Bitcoin IRA delivers an innovative retirement platform and, with our industry-leading technology and practices for security, custody, and compliance, we have built the industry’s best offering for retail investors who want to make digital assets a part of their retirement investment strategy,” Mike Belshe, CEO, BitGo, added.
Earlier this year, Bitcoin IRA also launched a turnkey white-label solution for enterprise businesses to allow their customers to invest in Bitcoin-based retirement funds.