Leading Crypto IRA investment platform continues rapid pace of revenue and trade volume growth as the company marks second anniversary
Key milestone follows the recent integration with Coinbase Custody to enhance security
LONG BEACH, Calif. – 14 July 2021 – iTrustCapital, the world’s largest crypto IRA investment platform, has surpassed $2 billion in total trade volume since the platform launched two years ago on July 8. Since inception, the company has attracted more than 52,000 IRA accounts, with 14,500 active monthly users generating more than $20.6 million in revenues year-to-date.
The company announced in June that is has enhanced its existing security protocols by integrating with Coinbase Custody, one of the world’s largest and most trusted crypto custodians. The recent integration of the two platforms is intended to provide additional security and peace of mind for investors seeking to access the cryptocurrency markets through qualified IRA retirement funds.
The company provides qualified IRA retirement funds with 24/7 access to cryptocurrencies and precious metals (physical gold and silver) through its IRS compliant platform. iTrustCapital’s recent move to integrate with Coinbase Custody comes as the value of the cryptocurrency markets has surged over recent months, putting more responsibility on operators to safeguard funds against attacks.
Despite the recent market downturn, enthusiasm for bitcoin and cryptocurrencies as a long-term value investment hasn’t been dampened. Nevertheless, increased adoption calls on operators to rise to the challenge, including staying ahead of the curve when it comes to access and security. According to security firm Slowmist, nearly $15 billion of cryptocurrencies have been lost to hackers over time, representing 0.88 percent of the total market cap of cryptocurrencies in June 2021.
iTrustCapital has recognized its increasing fiscal responsibility to augment its security by integrating with Coinbase Custody. Coinbase Custody operates as a qualified custodian and fiduciary under New York state banking law.
The service utilizes segregated cold storage wallets which are insured by a commercial crime insurance policy worth $320 million, renewed annually. Coinbase Custody also holds SOC 1 Type II and SOC 2 Type II certifications, attesting to its financial reporting standards.
iTrustCapital has experienced impressive growth in 2021, attracting thousands of new IRA account holders and $1 billion in assets, as crypto has enjoyed an unprecedented amount of attention and investment. Leveraging its low-cost, tax-advantaged trading platform, the company is well-positioned to capitalize on the growing appetite for crypto from long-term investors. The platform has exceeded $1.7 billion in total trade volume this year already and boasts the lowest trading fees among the crypto IRA investment category, offering a 1% trade fee and a 29.95 monthly account fee.
“We want to inspire, empower and provide secure access to millions of investors who would like to participate in the economic growth that a blockchain future holds, create a multi-billion-dollar investment platform and a highly valued and profitable company,” said Kevin Maloney, the head of corporate development and investor relations at iTrustCapital.
Maloney pointed to a recently released white paper by iTrustCapital that predicted the company will change the way Americans deploy the bulk of their investable assets by creating systems, exchanges, and tools that allow them to invest conveniently, safely and cost-effectively into non-traditional assets using qualified retirement accounts.
About $150 billion of capital sits in a system of niche self-directed IRAs that are hard to use, cost a lot of money, and leave investors with all of the risk. Transforming this system will unleash $35 trillion of retirement assets into alternatives that iTrustCapital estimates will reach $1.5 trillion within seven years.
The core problem is that, unlike publicly traded assets, there is no standard way to make
non-traditional investments in retirement accounts, the white paper states. To make these transactions happen, self-directed IRA custodians shift the fiduciary responsibility and administration to the individual who has to perform the functions typically reserved for professionals, including due diligence, the movement of capital, delivery of the asset, storage and, most importantly, IRS compliance.
According to the white paper, disruptive technology is needed to solve big problems related to making non-traditional investments in retirement accounts. iTrustCapital is developing solutions to these problems by applying real-world and time-tested financial solutions with new technologies like blockchain. iTrustCapital’s goals are to:
- Make it simple. iTrustCapital’s goal is to continue offering trading in just three clicks. All of the information needed to make informed investment decisions will be at a client’s fingertips.
- Make it affordable. iTrustCapital will pioneer systems to lower costs by standardizing transactions, increasing trade execution efficiency, automating contracts, improving identity management and lowering asset custody costs.
- Reduce risk by building due diligence tools integrated with tokenized assets, securing asset storage and ensuring liquidity.
- Create IRS compliant systems by making reporting features and smart contracts to avoid prohibited transactions that risk steep financial costs of taxes and penalties totaling 30 percent or more.
iTrustCapital’s platform is available to all qualified US-based investors. The platform currently provides access to Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Cardano (ADA), Polkadot (DOT), Uniswap (UNI), Compound (COMP), DogeCoin (DOGE), Bitcoin Cash (BCH), Litecoin (LTC), Stellar Lumens (XLM), EOS (EOS), Sushi (SUSHI), Yearn Finance (YFI), Polygon (MATIC), Aave (AAVE), and physical Gold and Silver. iTrust continues to review and add new assets frequently to meet demand.
iTrustCapital is also exploring the potential to provide new features to clients down the road, including staking services and the ability to participate in governance activities through governance tokens like Uniswap, Compound, MakerDAO, Sushi, Polkadot and more.
For more information about iTrustCapital, visit www.itrustcapital.com.
The world’s leading digital asset IRA investment platform, iTrustCapital is disrupting the $35.4 Trillion in US retirement assets market by serving as an intermediary tool for clients to directly buy, sell, and trade cryptocurrencies and physical gold and silver in real-time through their retirement accounts. iTrustCapital’s revolutionary, IRS-compliant platform ditches the costly inefficiencies and outdated processes that have traditionally plagued IRA models, allowing investors to safely, simply, and legally move money from their IRA into the cryptocurrency and precious metals markets at a fraction of the cost of other IRA companies.
About Coinbase Custody
Launched in 2018, Coinbase Custody offers clients access to the secure, institutional-grade offline storage solution that has been used by Coinbase’s exchange business since 2012. Coinbase Custody is an independent, NYDFS-regulated entity built on Coinbase’s crypto-first DNA, offering the most sophisticated and reliable custody solution in the world.
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