Bitcoin IRA Launches Interest-Earning Crypto Accounts in November

Bitcoin IRA Launches Interest-Earning Crypto Accounts in November

Bitcoin IRA is offering investors the chance to earn interest on cash holdings and cryptocurrency.

Hence, the Crypto IRA platform is partnering with Genesis Capital, a digital asset lending firm.

Bitcoin IRA has more than 4,000 clients, with more than $350 million processed in investments from these clients.

Experts and investors believe the partnership will benefit investors immensely, as it will allow investors to earn competitive interest rates.

The partnering company is a subsidiary of Genesis Global Trading, which reported about 75% gain in cash and crypto loans. The OTC crypto broker has more than $2.3 billion in lending funds.

Earned-interest could offset fees

COO of Bitcoin IRA, Chris Kline, has argued that interest earned accounts in the company’s cash and crypto lending program will help to push decentralized finance forward.

He claimed that lending and borrowing using cash and cryptocurrency are creating safe and new opportunities for clients to grow their retirement accounts.

When a client earns interest through this means, it can balance off custodian holding fees or trading fees. It creates a free account, which can easily offset these fees.

Kline explained that the company is planning to start up the interest-earning accounts in November. However, it will be limited to a few numbers of accounts for the first few weeks of launch.

The company reiterated that the length-term and type of coin would determine the annual interest rates at the moment.

But in the future, there will be a more detailed arrangement for the program and how it is going to apply interest rates for each coin.

According to the press release, the product is in line with the recent launch of biometric security and crypto swaps of Bitcoin’s IRA.

Bitcoin IRA is regulated in the U.S by FinCEN. The IRA technology provides support for self-directed retirement accounts.

It allows investors to trade their cryptocurrency funds in real-time, transfer those funds an IRA custodian, and create their digital Ira accounts.

They can do these through OTC liquidity providers. Bitcoin IRA also partners with BitGo to provide a multi-signature digital wallet for clients.

Benefits of the interest-earned account

There were major risks for holding IRA accounts, customers and investors still put their retirement savings in Bitcoin IRA accounts.

Meanwhile, experienced crypto traders are advocating for more investors to take advantage of the tax advantage the IRA provides.

In January, Genesis Capital’s CEO mentioned that the last crypto bear market facilitated the growth of its company, just as other cryptocurrency lenders have experienced.

When clients earn interests, they can increase the value of their accounts by taking advantage of the interest yields that are not accessible to long-term cryptocurrency holders.

The company concludes that Bitcoin IRA provides a lot of opportunities for investors to grow their retirement accounts since these IRA accounts have a bit of leverage when it comes to tax.

They can grow their retirement funds by a good margin when they consider its benefits and invest.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.