BitIRA, a firm specializing in digital currency individual retirement accounts (IRAs), announced the launch of new features it added to its business model. The model includes fully-insured cold storage accounts and various new cryptocurrency options
The company gives investors control over their cryptocurrency investments with a custodian handling some of the account administration. A certified custodian carrying out the orders of the investor is a requirement for self-directed IRAs. BitIRA added insurance to their accounts this week, with a consumer protection policy managed by insurance market Lloyd’s of London. Digital IRA customers will also receive data breach insurance from Hiscox with a Cybersecurity policy. Investors’ cryptocurrency funds are kept in cold storage where they are protected with multi-signature technology.
BitIRA’s website explains, “All assets held in storage are fully insured through an all-risk policy from Lloyd’s of London, the world’s leading provider of specialized asset insurance,” it adds, “Additionally, assets are protected during the transaction, against any internal cases of fraud or theft, by a second policy from Lloyd’s of London.”
Jay Blaskey, a digital currency specialist at BitIRA, says “Simply put, BitIRA is the best and only solution for current and future digital currency IRA investors that want it all – options, low cost, flexibility and the highest level of security.” He adds: “Our new set of proprietary security precautions were necessary to facilitate the addition of the most in-demand altcoins within our service. Not only are we able to offer customers the largest variety of cryptocurrencies for placement in an IRA, but we’re also able to provide them with peace of mind that their investments are protected by the market’s most stringent security controls.”
BitIRA, in addition to the insurance, cold storage, and multi-signature security solutions, has added various cryptocurrencies investors can choose from. The company’s accounts now provide investments in Ethereum, Bitcoin Cash, Ethereum Classic, Ripple, and Litecoin. It explains, the entire custodial process complies with the Cryptocurrency Security Standards which include globally accepted security practices and methods that keep digital asset investments safe.
The company registered with the Financial Crimes Enforcement Network as a Money Services Business even though it isn’t mandatory. The company states that interest in cryptocurrency has been trending and that individual retirement accounts offer other benefits including tax incentives and educated custodians to help manage investors’ assets.
BitIRA’s director of strategic planning, Andy Klein, adds: “Interest in the cryptocurrency market has hit a fever pitch in recent months. There are many factors potential investors must weigh alongside the immense benefits offered by digital currency IRAs, not the least of which are considerations around security.”