iTrustCapital Now Has $5 Billion In Crypto IRA Transactions

April 23, 2022 10:09 pm

The thing that makes an IRA attractive for many is the fact that there is no need to pay for capital gains tax for any profits made with the IRA account.

As a result, this makes IRA a reasonable choice for people to use if they do decide to invest or trade crypto and demand for IRAs that have access to the crypto markets are already increasing.

iTrustCapital, a well known crypto IRA provider, has reported that transaction volume on its platform has already surpassed $5 billion and has shown a 60% increase in just the past nine months.

Records show that people who use the IRA come from all different backgrounds which indicates that the crypto industry is starting to gain mainstream acceptance.

The company provides access to multiple different digital assets that total to around 25 different cryptocurrencies and also protects the deposits with an insurance up to a specific limit.

CoinTelegraph reports:

In the United States, IRAs enable individuals to save for retirement through tax-free capital accumulation or on a tax-deferred basis.

Those with IRAs do not need to pay taxes on asset capital gains held within these accounts but may need to pay taxes on withdrawals when they reach retirement age, depending on account type.

Early withdrawals are permitted with a 10% penalty, though this may be waived in certain circumstances, such as when using funds to pay for college.

Since iTrustCapital’s inception four years prior, the firm has attracted more than 35,000 clients with its crypto IRAs.

Cointelegraph previously reported that more than one-quarter of the surveyed U.S. millennials plan to use cryptocurrencies to fund their retirement.

The company states that they have most likely experienced rapid growth due to how they make the process of investing in crypto extremely easy within the platform.

It seems that many customers already had interest in allocating a portion of the IRA to crypto, but had found it confusing on how to do so.

iTrustCapital simply solves that issue and does all the heavy lifting for the customer so that they can just focus on their investments.

Long term, speculators are expecting more and more options to pop up within the space that gives investors new ways to access the crypto markets which paves the way for more mainstream adoption.

PRNewswire.com reports:

In January this year, iTrustCapital completed a Series A round at a valuation exceeding $1.3 billion.

The proceeds are being used to expand products and services, scale client service and development teams, and launch additional marketing channels.

The Company is also anticipating hiring up to 50 additional employees this year at their new headquarters, located in Irvine, California.

iTrustCapital, in coordination with its partners, has attracted nearly 35,000 client-funded accounts since inception and has received more than 1,950 Trust Pilot reviews, boasting an “Excellent” 4.5-star average rating.

The Company has consistently garnered excellent ratings and offers some of the lowest fees among its competitors while focusing on efficiencies made possible through scalable technology and a commitment to delivering an excellent client experience.

IRA crypto transactions will likely continue to go up going forward, especially as investors are able to get exposure to their digital assets of choice.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.