BitcoinIRA, the Sherman Oaks, California-based digital currency investment company has announced the launch of Ethereum IRA, a self-directed IRA for the second-most popular cryptocurrency (by market cap) in the world.
Ethereum IRA is the second product launched by the company following its highly-successful Bitcoin IRA, which has secured over $10,000,000 worth of real bitcoin in client custodial accounts since launching in June of 2016.
Similar to its flagship product, Bitcoin IRA, investors can hold real Ethereum in retirement accounts by choosing between traditional IRAs, Roth IRAs, 401(k)s, SEP IRAs, and more.
The company will use TradeBlock s ECX Index as a reference rate and Genesis Global Trading, Inc. for liquidity. To store investor funds, the company has entered an exclusive partnership with BitGo, utilizing its multi-signature wallet to ensure privacy, security, and full compliance with IRS regulations for self-directed retirement accounts.
“It’s been a pleasure working with the innovative team at Bitcoin IRA,” said Mike Belshe, CEO of BitGo. “Together, we foresee tremendous opportunity and growth for our clients.”
Bitcoin IRA is the first and only company to offer cryptocurrency-based IRAs for investors, allowing them to hold actual cryptocurrencies in a retirement account. Unlike traditional ETFs and investment plans, investors in Bitcoin IRA and Ethereum IRA continue to own their cryptocurrency even after the end of the IRA tenure, allowing them to freely distribute it.
The unique properties of cryptocurrencies make them uniquely suited for long term investment. In 2017, Ethereum has witnessed an incredible 388% growth from less than $10 per unit to over $44.
“Cryptocurrency as an industry is on a new wave of mainstream adoption. As a business, it made sense to listen to our clients,” explained Chris Kline, COO of Bitcoin IRA. “They wanted Ethereum, so we delivered.”