BitCoinIRA.com, a financial conduit spearheading the use of bitcoin as a retirement tool, announced Tuesday the formal launch of the “Bitcoin IRA.”
The L.A.-based company is offering what it calls a unique alternative to traditional IRAs (individual retirement accounts) for investors interested in diversifying their portfolio and protecting their retirement savings and 401(k) plans.
The company said its “Bitcoin IRA” is distinct from other bitcoin investment programs because it allows investors to possess actual bitcoins from a digital currency exchange in an IRA-designed security wallet. BitCoinIRA.com said it is the first company to offer actual BTC as part of a retirement portfolio, in contrast to the more volatile bitcoin-related derivatives such as stocks or exchange-traded funds, which are strongly dependent on the strength of the dollar.
“This is a pioneering event in the retirement industry,” said BitCoinIRA.com COO Chris Kline in a press release. “For the first time ever, IRA owners can hold actual bitcoin in a private and anonymous securitized wallet. This will pave the way for more alternative investments for years to come. We are thrilled to be a part of this moment in history.”
The company’s chief strategist, Edmund C. Moy, a former director of the United States Mint, said in the release, “In these increasingly uncertain economic times, digital currencies like bitcoin will continue to grow in appeal and value. BitCoinIRA.com offers a way for people to protect themselves against a volatile and unpredictable market.”
The company said it’s formed an exclusive partnership with BitGo, the creator of the first-ever multi-sig bitcoin wallet, to ensure the quality and security of its financial services.
“We are humbled that BitGo’s treasury management and policy controls will facilitate the secure storage and safe access of digital currencies for BitCoinIRA.com and its customers,” said Jonathan Silverman, BitGo’s director of strategic initiatives, in the press release. “We look forward to the growing use of digital currencies and the portfolio diversification for retail and institutional customers alike.”
BitCoinIRA’s logo – Via the press release
BitGo’s logo – Via the company’s press kit