Bitcoin IRA And Genesis Capital To Launch Interest Earning Program For Retirement Accounts
A prominent crypto individual retirement account (IRA) called Bitcoin IRA has started a partnership with Genesis Capital for a new project. Now, the two companies will unite to let the customers of Bitcoin IRA, earn an interest in crypto holdings by participating in a lending program.
According to the press release, Bitcoin IRA has worked in the industry since 2016 and it has 4,000 clients right now, having processed over $350 million USD. The company’s products reached its peak during 2017 when the crypto-mania started. Bitcoin IRA is also qualified by the regulator FinCEN to provide its services in the U. S.
The company’s COO Chris Kline has affirmed that letting people with accounts maximize their investment by earning interest will help to make the decentralized economy more popular than it is right now.
The announcement states that the clients will be able to use their Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Zcash (ZEC) to participate in the lending program. All interest is set to be paid monthly and it will be directly deposited into the accounts of the users. The service is set to start in November.
At the moment, no details about the rates were revealed to the public. However, Kline affirmed that one of the main uses of the program is that the lending will offset most of the costs that the program has, as there are costs such as holding fees.
Recently, Bitcoin IRA has launched another service. The company was able to create a crypto swap and biometric security service, which is going to be used to protect the clients even more.