iTrustCapital, a U.S.-based software platform used for buying and selling cryptocurrencies through individual retirement accounts (IRAs), has reported $6 billion in total transaction volume, marking a 200% increase in the last 12 months.
Commenting on the company’s progress, chief strategy officer Kevin Maloney said, “Despite the crypto bear market in the first half of this year, our team has worked diligently to continually enhance our platform with a goal of improving user experience and customer engagement.”
Maloney added, “Our highly focused marketing efforts, valuable client feedback, and deep alignment with the crypto community have certainly catalyzed this milestone.”
Company Sees Uptick in Newly Funded Client Accounts
The company attributed the triple-digit increase in crypto IRA transactions to several improvements to iTrustCapital’s product offerings that lowered the barrier for entry into the self-directed Crypto IRA space, including decreasing the contribution amount to open an account from $2,500 to $1,000, and eliminating monthly service fees.
“Notably, August 2022 is on track to be the highest average initial funding month of the year thus far,” stated iTrustCapital.
The company said, “in addition to transaction volume, the company has also experienced a significant uptick in newly funded client accounts over the last eight months, resulting in increased transaction activity and overall usage on the platform.”
iTrustCapital’s newly funded accounts grew 61%, from 25,000 to more than 40,000. According to the company, “users may establish one or more IRA accounts including a ROTH, SEP, or Traditional IRA on the iTrustCapital platform.”
On its website, the company marked another milestone and pointed out that it has attracted more than $2 billion in assets and more than 40,000 client-funded accounts since its inception in 2018. The company said that it grew from $2 billion to $6 billion in total transaction volume over the last year.
iTrustCapital also boasts of making its software platform available to “all qualified US-based investors (excluding NY and HI).” Through its partners, the company also provides access to 28 cryptocurrencies, as well as physical gold and silver. New assets are added frequently to meet demand.
On the Flipside
- Experts do not advocate adding cryptos to IRA accounts, and one such expert is Tyrone Ross Jr., the CEO of Onramp Invest. Ross pointed out that once people understand cryptocurrencies and all they can do with them, they will not dare put them in retirement accounts. He said that the structure of retirement accounts would prevent individual investors from holding the private keys to their crypto holdings. As such, they would be purchasing and holding crypto without complete control over their funds.
Why You Should Care
In April this year, iTrustCapital reached $5 billion in total transaction volume. The company said that the 60% growth comes after tipping $2 billion in transaction volume just nine months prior.
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