iTrustCapital Reports a 200% Rise In Crypto IRA Transactions in 12 Months
iTrustCapital is a U.S-based software platform that allows individuals to buy and sell cryptocurrencies via their individual retirement accounts (IRAs). This represents a 200% increase over the previous 12 months.
Kevin Maloney, chief strategy officer, commented on the company's progress. “Despite the crypto bear markets in the first half this year, we have worked diligently to continuously enhance our platform with the goal of improving customer experience and engagement.”
Maloney said, “Our highly targeted marketing efforts, valuable feedback from clients, and deep alignment to the crypto community have definitely catalyzed that milestone.”
A company sees a rise in new client accounts that are funded
The company attributed the triple-digit rise in crypto IRA transactions and improvements to iTrustCapital’s product offerings to lower the barrier to entry to the self-directed Crypto IRA market. These included lowering the contribution amount from $2,500 to $1,000 and eliminating monthly service charges.
“Notably August 2022 is on track for being the highest average month of initial funding so far in the year,” stated iTrustCapital.
According to the company, “in addition transaction volume, the company also experienced a significant increase in client accounts newly funded over the past eight months which has resulted in increased transaction activity on the platform.”
iTrustCapital saw 61% growth in the number of accounts it had recently funded, going from 25,000 to more that 40,000. The company states that users can open one or more IRA accounts on the iTrustCapital platform, including a ROTH or SEP IRA.
The company announced another milestone on its website. It noted that it has attracted over $2 billion in assets, and more than 40,000 client funded accounts since its inception in 2018! According to the company, it has seen an increase in transaction volume of $2 billion to $6 million over the past year.
iTrustCapital boasts that its platform is available to all qualified US-based investors (exclusions NY and HI). It also offers access to 28 cryptocurrencies and physical gold and silver through its partners. To meet the demand, new assets are constantly added.
The Flipside
- Experts don't recommend adding cryptos into IRA accounts. One expert is Tyrone Ross Jr. who is the CEO of Onramp Invest. Ross stated that once people are familiar with cryptocurrency and what they can do with it, they won't be able to put it in retirement accounts. Ross stated that retirement accounts would make it impossible for individual investors to hold the keys to their crypto investments. They would then be able to purchase and hold crypto without full control.
Why you should care
iTrustCapital's total transaction volume reached $5 billion in April. According to the company, 60% of this growth is due to a peak of $2 billion in transaction volume nine months ago.
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