Bitcoin IRA Teams With Crypto Custodian BitGo Trust For Crypto Fund Storagebr>
Digital asset IRA company Bitcoin IRA has teamed with crypto custodian BitGo Trust to offer clients the optionality to have their accounts insured by the custodian firm.
Bitcoin IRA allows clients to purchase cryptocurrencies and other digital assets for their retirement accounts. The company offers full-service and self-service options which include setting up a qualified cryptocurrency account, rolling over funds from an existing IRA custodian, executing a live trade on a leading exchange and then moving funds into a multi-signature digital wallet. Bitcoin IRA claims that since 2016, it has processed over $350 million in digital asset transactions for self-directed retirement accounts.
BitGo Trust, which was launched by blockchain security and crypto wallet firm BitGo in 2018, is a qualified custodian purpose-built for storing digital assets. The company has been approved by the South Dakota Division of Banking to offer institutional clients a regulated storage solution for digital assets. BitGo Trust’s cold storage carries $100 million in insurance where the offline private keys are held 100% by BitGo or BitGo Trust.
As part of the partnership, Bitcoin IRA’s clients will now have their digital assets stored with BitGo Trust. Additionally, Bitcoin IRA will be able to reduce wallet holding fees by 30% and reduce client transaction fees. Bitcoin IRA and BitGo Trust Company will also be waiving the first year’s account fee for a limited time.
“Our partnership with BitGo Trust provides our clients with faster account funding, lower fees, as well as significantly increased insurance protections,” said Chris Kline, COO of Bitcoin IRA. “This establishes us not only as 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.”
“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,” said Mike Belshe, CEO of BitGo.