Bitcoin IRA, an institution providing Individual Retirement Accounts in cryptocurrency, announced recently that Stellar Lumens [XLM] was their third most popular currency. The platform had added support for XLM and ZCash [ZEC] earlier this year in July.
Bitcoin IRA is a platform that allows customers to purchase Bitcoin for their retirement accounts. The service also offers support for other cryptocurrencies and processed over $300 million last year alone in investments.
On the move, the Chief Operating Officer of Bitcoin IRA, Chris Kline, stated:
“We just launched Stellar Lumens and Zcash this past June, and it’s exciting to see both coins take off so quickly. With so much momentum in the crypto sector in recent months, I feel confident that the bull market is here to stay.”
The company offers an IRA solution with maximum security ensured through state-of-the-art multi-signature values and a catch-all solution for cryptocurrency IRA investments. This includes any rollover from previous IRA custodians, and trading on the exchange to obtain the asset. This effectively reduces the barrier of entry into cryptocurrencies.
IRA is a form of retirement plan that is widely used in the United States, which involve a custodial account set up for the benefit of the customer. This is also bolstered by a retirement annuity contract from a life insurance company. It allows taxpaying citizens to invest in funds that are not taxable at the time of deposit. Instead, those investing the funds will be taxed upon its withdrawal. In this way, it allows for tax-deferred growth of funds.
Bazza Jewell, an expert from the banking sector, said on the statement:
“Opening up low-cost cryptocurrencies like Stellar Lumens for IRA accounts will drive adoption due to ease of access. The low cost will incentivize people to buy more of the token, with the IRA firm profiting as well. It seems to be a win-win situation for both the sides due to a fitting use-case.”
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