Bitcoin IRA Reaches $400 Million in Crypto Transactions

Home » FinTech » Cryptocurrencies » Bitcoin IRA Reaches $400 Million in Crypto Transactions

Bitcoin IRA Reaches $400 Million in Crypto Transactions

A company facilitating the ability to invest in cryptocurrencies via a retirement account has just reached a monetary milestone. Launched in 2016, Bitcoin IRA announced this week that it had surpassed $400 million in cryptocurrency transactions. The accomplishment also comes a year after their 24-hour-a-day self-trading crypto platform launched.

News of this milestone follows what was a successful 2019 that found Bitcoin IRA expanding its offerings. Perhaps most notably, in October of last year, the company announced a partnership with digital asset trading and lending platform Genesis. As a result of this joint effort, account holders gained the option of lending their crypto holdings and earning interest. Elsewhere Bitcoin IRA partnered with BitGo Trust to provide $100 million insurance to customers. The company also made headlines by announcing it would allow what it called cryptocurrency Swaps, essentially allowing users to convert between assets without needing to trade to fiat currency first.

In a statement about hitting the $400 million mark, Bitcoin IRA COO Chris Kline said, “Reaching this new high is a testament to our top-notch security features, superior customer experience, competitive pricing, innovative product offering, seamless online IRA transfer process and proprietary real-time 24/7 self-trading platform. We are proud to be the market leader and by offering these one-of-a-kind features we continue to raise the bar in the industry.” Looking toward the future of the company, Kline continued, “We are announcing substantial product launches in 2020 that should accelerate our company’s growth and further enhance our client’s ability to self-manage and grow their retirement portfolios.”

Meanwhile those with a position in Bitcoin have likely seen their balance rise as of late. As CNN Business notes, BTC is up more than 30% so far in 2020, making it the best start to a year Bitcoin has seen since 2012. While there are always several reasons for such rallies, it would seem that fears about the coronavirus that originated in Wuhan, China may be a factor as the spread threatens economic conditions. As Digix chief operating officer Shaun Djie told CNN, “The recent bitcoin rally can be attributed to ongoing economic uncertainties. The rise in bitcoin price correlates to the ongoing outbreak.”

Of course, despite the current upswing, there are still plenty of investors who would never consider investing their retirement savings in Bitcoin or other cryptocurrencies. Given this reality, Bitcoin IRA could face an uphill battle as it marches toward further milestones. Regardless, if the company continues to innovate as well as introduce new features and partnerships like it has in the past year, it could well reach $500 million or more this year and beyond.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Walgreens Planning Co-Branded Credit Card with Synchrony

It seems that Walgreens has a plan to keep customers' wallets healthy. This week, the drug store chain announced that it would be expanding its line-up of financial services, including debuting a co-branded credit card product. The upcoming card will integrate with the recently-launched myWalgreens loyalty program, giving customers the...

Visa and Plaid Call Off Acquisition Plans

One of the biggest FinTech deals of the past year will no longer be going forward. This week, Visa and Plaid announced that they have mutually agreed to terminate their merger plans. Visa originally intended to pay $5.3 billion for Plaid in an acquisition that was first announced almost exactly...

"Second Draw" PPP Loan Applications Open as Forgiven Loans Total $100 Billion

Last year, as part of the CARES Act meant to address some of the economic impact caused by the COVID-19 pandemic, the Small Business Administration introduced the Paycheck Protection Program. With this, small businesses could apply for loans that could then be forgiven if certain terms were met. The program...