Equity Trust launches digital asset platform myEQUITY for crypto IRA investors

The Westlake Porter Public library in Westlake, Ohio. Equity Trust is located at 1 Equity Way, Westlake, OH 44145, USA.

Westlake, Ohio-based financial services company Equity Trust Company has launched digital asset platform/account management system myEQUITY,  through which the firm’s clients can invest in cryptocurrencies within their Individual Retirement Accounts (IRAs) with the firm, according to a press release CoinReport received from Kowal Communications, Inc., Equity Trust’s PR company.

The new platform, says the release, makes the cryptocurrency investment process easier, thanks to a user-friendly interface that allows for both individual investors and institutional partners, representing their clients, to swiftly place orders for cryptocurrency using tax-advantaged funds from IRAs.

Equity Trust chief operating officer Dave Allen said, “The digital asset platform marks the most recent in a series of technology investments made by Equity Trust. We’ve invested in technologies that align with our broader strategy of delivering innovations and industry-leading capabilities that truly optimize client value by speeding up the investment timeline and simplifying the process.”

He added, “Recognizing the demand from clients and other investors to use their IRAs, and the potential tax benefits they offer to investing in digital currencies,” added Allen, “Equity Trust sought to simplify access to this emerging asset.”

The system merges a client’s account with the firm and the completely redundant “cold storage” facilities, which make a secure method of long-term storage of cryptocurrency, eradicating the customer risk that comes with holding their own ”keys.” 

Provided that IRS rules are followed, profits from cryptocurrency in the IRA may be tax-deferred, a possible advantage and differentiator for cryptocurrency investors. Equity Trust provides an example, saying in the release that although numerous investors profited from hikes in bitcoin prices in 2017, they were significantly impacted by taxes, while had they made their investments via an IRA, their taxes could have potentially been mitigated or at least deferred until retirement.

On the new platform, investors can sell and purchase bitcoin, ether, Bitcoin Cash, Ethereum Classic, ripple and litecoin on a trade-date-plus-one basis, which means that cash is available the next day for sale transactions. A cryptocurrency exchange or liquidity provider facilitates cryptocurrency sale/buy orders.

Allen remarked, “After the purchase, the digital currency is held in a secure ‘cold storage’ vault that is not connected to the Internet.

“Our industry leading security partner uses physical and cybersecurity best practices, to create a secure vault for these digital assets.”

Investors can open an account online, using e-signature capabilities, or via an investment liaison for a minimum investment of $10,000, plus a $500 non-refundable digital asset platform establishment fee.

Image credit – Public domain image by Kulshrax