FinTech News
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.
