Bitcoin IRA: A New Way to Do Crypto
Bitcoin IRA is one of the only companies of its kind. Instead of building a client’s retirement account utilizing USD or fiat or precious metals, the entire account is built on cryptocurrency. It might seem a little risky considering just how vulnerable cryptocurrencies can be, but Bitcoin IRA is developing a new earning method that will potentially allow crypto holders a chance to garner considerably higher interest on their funds.
Founded in 2016 and headquartered in Los Angeles, Bitcoin IRA has processed nearly $400 million in total investments and boasts more than 4,000 individual clients. It has been featured in publications such as Forbes, CNBC and the Wall Street Journal, and has garnered over 500 5-star reviews on platforms like Yelp.
Genesis Capital, a relatively new company, has been around since early 2018. The venture lent out nearly $750 million in the third quarter of 2019 and has lent out just shy of $2.5 billion since it first came to fruition less than two years ago.
By teaming up with Genesis, Bitcoin IRA is giving customers the opportunity to lend out their crypto funds to the firm’s clients. By doing so, they can earn more from their money by gaining interest for every month their funds are not paid back in full. The system operates very much like a standard loan operation only this time, it involves crypto funds rather than traditional fiat.
Chris Kline, COO and co-founder of Bitcoin IRA, comments:
Interest-earning accounts through our crypto and cash lending program are an exciting revolution in decentralized finance. Borrowing and lending using cryptocurrencies and cash are providing new and safe opportunities for our clients to maximize the growth of their retirement accounts. Interest earned by a client can offset trading fees or custodial holding fees, essentially creating a free account and making these fees a thing of the past.
Opening the Doors to Others
The crypto-lending program will begin next month in November for a limited number of cryptocurrency customers. Granted the testing phase is successful, the program will open to a wide variety of clientele, while interest rates are likely to vary depending on the currencies in question and the length of the lending terms. Interested customers are advised to keep their eye on Bitcoin IRA’s website for additional information.
New programs are constantly being introduced to help crypto holders earn more, including bitcoin-based exchange-traded funds (ETFs), which sadly haven’t gone anywhere at press time, and platforms like Bakkt, which opened to a lackluster start at the end of September but has since garnered more stamina and prowess in the trading space.