Bitcoin IRA, a digital asset IRA firm, today announced the launch of its next generation of investment retirement account [IRA] services for crypto-assets. A division of Bitcoin IRA has collaborated with BitGo Trust, a custodian purpose-built for digital assets, which will essentially cover new Bitcoin IRA accounts from theft or loss of cryptographic keys.
With its latest collaboration, BitGo will provide the Trust’s cold storage at no additional fees to its users to store digital assets, with offline private user keys being held entirely by BitGo or BitGo Trust.
Following the move, Mike Belshe, CEO of BitGo said,
“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.”
The partnership’s primary aim is to provide its user base with efficient account funding, while maintaining low fees [nearly 30% lower wallet fees], as well as significantly increased insurance protection of $100 million.
The rules are similar to that of a traditional IRA. Bitcoin IRA’s Digital IRA branch, registered as a third-party administer for BitGo, will address the administrative tasks which include retirement plan administration, the transfer application process, BSA/AML compliance, and transaction monitoring.
According to the official press release, Bitcoin IRA has cryptocurrency transactions worth $350 million processed for self-directed retirement accounts.
Chris Kline, COO of Bitcoin IRA remarked,
“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 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.”