It isn’t spoken about a lot but the American cryptocurrency firm, Bitcoin IRA has just teamed up with the digital asset lending firm, Genesis Capital in order to provide investors with the opportunity to earn interest on cryptocurrency and cash holdings.
In a press release published today, the LA-based firm has provided individual retirement account (IRA) solutions for over three years and has processed more than $350 million in investments, for over 4,000 clients.
Genesis Capital has allegedly now lent in excess of $2.3 billion in cumulative originations and reported a 75 per cent upturn in crypto and cash loans for the second quarter of this year.
Chris Kline, the COO of Bitcoin IRA has made the argument that adding interest-earning accounts to the firm’s crypto and cash lending program will assist spur decentralised finance forward, claiming:
“Borrowing and lending using cryptocurrencies and cash are providing new and safe opportunities for our clients to maximize the growth of their retirement accounts. Interest earned by a client can offset trading fees or custodial holding fees, essentially creating a free account making these fees a thing of the past."
The first interest-earning accounts will allegedly be rolled out next month to a limited number of participants on a first-come-first-served basis. According to the firm, annual interest rates will vary based on the given coin and term length, with finalised details of the program to be revealed in the future.
The press release goes onto note that the new product Bitcoin IRA’s recent launch of crypto swaps and biometric security.
As reported by CoinTelegraph:
“Qualified with U.S. regulator FinCEN, Bitcoin IRA’s technology supports self-directed retirement accounts that allow investors to create a digital asset IRA account, transfer funds from an existing IRA custodian and trade their crypto holdings in real-time via an OTC liquidity provider.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!