Bitcoin IRA Plans to Reach $1 Bln in Investments After Halvening

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Tue, 11/26/2019 - 14:16
Alex Dovbnya
Chris Kline, the COO of Bitcoin IRA, expects 2020 to be a big year for his company and the crypto industry in general
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Bitcoin IRA, the first company that allows its customers to purchase Bitcoin for their retirement accounts, expects to have more than $1 bln in investments, according the recent interview with the company's COO Chris Kline. As of now, the company has $350 mln in its coffers.       

Kline states that the rollout of their new products will coincide with the halvening event and the launch of Facebook's Libra, which will allow them to reach the above-mentioned target. 

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Staying away from altcoins

As of now, Bitcoin IRA doesn't support too many coins with Bitcoin and top altcoins being its only options. Kline claims that they have a "conservative approach" to adding new digital assets out of fear for scam projects.    

We don’t want to offer smaller coins that may later be determined to be a scam, lose liquidity or have significant concerns by government regulators in the future. 

Kline remains skeptical of hordes of altcoins, but he had some nice words to say about Libra, claiming that could be a major disruptive force in the global commerce.   

While it still needs to be vetted through regulators, expect it to create friction-less cross-border transactions at significantly lower fees for merchants and other participants

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A new frontier for DeFi

At the end of October, Bitcoin IRA started offering interest on digital assets holding after forming a partnership with Genesis Capital. As reported by U.Today, Genesis Capital netted $870 mln in new originations during the third quarter, which highlights the booming crypto lending sector.  

Bitcoin IRA offering interest-earning accounts is seen as a new step for the development of the burgeoning decentralized finance (DeFi) ecosystem.

“We’re excited about our launch of interest-earning accounts which are rolling out now to select groups of our customers. This is an industry first for retirement accounts and a major benefit to our clients." 
 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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