Bitcoin IRA, BitGo Launch Insured IRA Composed Entirely of Crypto

Bitcoin IRA, a digital asset IRA company, has launched the first self-directed cryptocurrency IRA. Created through a partnership with BitGo Trust, the retirement account features $100 million in insurance protection, 30 percent lower wallet fees, and the ability for clients to diversify their holdings in 12 digital assets.

"The rules are identical to a traditional IRA, the only difference is the asset is crypto instead of stocks, bonds, etc."

Bitcoin IRA began offering retirement accounts in 2016, and has built more than 5,000 hybrid crypto IRAs.

Since launch, the company has processed over $300 million in digital asset transactions, according to its own figures.

Bitcoin IRA registered as a Third-Party Administrator for BitGo, through its Digital IRA division to handle all administrative responsibilities including transfer applications, compliance, and transaction monitoring.

BitGo will protect these new securities by providing cold storage "Maintained in a secure, bank-quality vault offline in South Dakota," with a clearly defined protocol on who can access the holdings, Corcoran said.

Apart from physical security, Corcoran claims that the company also exceeds the regulators' demands for the amount of capitalization and insurance behind the assets.

"BitGo is a master engineer of risk and security, whether for largest institutional investor or someone beginning their retirement savings," said Bitcoin IRA COO Chris Kline.

These investors are "Very diverse. Not the typical archetype seen for traditional assets," he said.

Kline suggested that these new IRAs move at the speed of the internet and are a "Solution raised from digital era built for digital era."