Bitcoin IRA will soon allow customers to lend their retirement assets for interest.
The firm, which provides digital asset individual retirement accounts is partnering with digital currency trader and lender Genesis Trading to offer interest on cryptocurrency and cash holdings that customers want to lend out, including bitcoin, ether, XRP, litecoin, and zcash.
Bitcoin IRA declined to define a limit, but chief operating officer Chris Kline told CoinDesk that the firm aims to have the product available to anyone over the next six to seven months.
Bitcoin IRA chose Genesis because of the lending firm's track record for being able to take on new clients.
Currently, Bitcoin IRA has processed more than $350 million in investments for more than 4,000 clients.
The product expansion is a deepening of Genesis' relationship with Bitcoin IRA, which was already using Genesis' over-the-counter trading desk.
Kingdom claims that Bitcoin IRA has been using deceptive practices to get customers to switch from Kingdom Trust to BitGo, a qualified custodian with which Bitcoin IRA partnered in June.
On Friday, a Kentucky federal judge dismissed Kingdom's claims with prejudice, and Bitcoin IRA has filed a motion that the claims should proceed in South Dakota, where it filed its countersuit.
Despite the suit, Bitcoin IRA hasn't stopped releasing products.
Later last month, it announced crypto swaps from bitcoin into ether without delays in settlement.
Bitcoin IRA Is Letting Customers Lend Out Their Crypto Retirement Funds
gepubliceerd op Oct 22, 2019
by Coindesk | gepubliceerd op Coinage
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