The cryptocurrency retirement account firm Bitira has announced the launch of two new features added to its business model, which includes fully-insured cold storage accounts and a variety of new cryptocurrencies such as bitcoin cash, ethereum, and more.
Digital Asset Retirement Funds
Bitira is a “self-directed” individual retirement account (IRA) that provides investors control over their digital currency investments, but a custodian handles some of the account administration. Self-directed IRAs require a certified custodian that carries out the investor’s orders. This week Bitira has added insurance to their accounts with a consumer protection policy managed by Lloyd’s of London. Alongside that, digital IRA customers will receive data breach insurance with a Cybersecurity Policy from Hiscox. The company states that cryptocurrency investment funds at Bitira are also kept in cold storage and protected with multi-signature technology.
“All assets held in storage are fully insured through an all-risk policy from Lloyd’s of London, the world’s leading provider of specialized asset insurance,” explains Bitira’s website. “Additionally, assets are protected during the transaction, against any internal cases of fraud or theft, by a second policy from Lloyd’s of London.”
Proprietary Security Precautions and Compliance
Bitira’s digital currency specialist Jay Blaskey says, “Simply put, Bitira is the best and only solution for current and future digital currency IRA investors that want it all – options, low cost, flexibility and the highest level of security,”
Our new set of proprietary security precautions were necessary to facilitate the addition of the most in-demand altcoins within our service. Not only are we able to offer customers the largest variety of cryptocurrencies for placement in an IRA, but we’re also able to provide them with peace of mind that their investments are protected by the market’s most stringent security controls.
In addition to the insurance and the cold storage and multi-signature security solutions, Bitira has added a slew of cryptocurrencies for investors to choose. Bitira accounts now provide bitcoin cash (BCH), ethereum (ETH), ethereum classic (ETC), litecoin (LTC), and ripple (XRP) investments. The retirement company explains the entire custodial process is compliant with the Cryptocurrency Security Standards (CCSS). The standards include globally accepted security practices and methodologies aimed at keeping digital asset investments safe. Bitira is not the only digital currency retirement fund management service in the industry. Bitcoin IRA also offers self-directed BTC, BCH, LTC, XRP, and ETH retirement accounts.
Although the process is not mandatory, Bitira says the company is registered as a Money Services Business with the Financial Crimes Enforcement Network (Fincen) as well. Bitira says that cryptocurrency interest has been trending and individual retirement accounts offer other benefits like tax incentives and educated custodians that help manage your assets.
“Interest in the cryptocurrency market has hit a fever pitch in recent months. There are many factors potential investors must weigh alongside the immense benefits offered by digital currency IRAs, not the least of which are considerations around security,” Andy Klein, Bitira’s director of strategic planning added.
What do you think about Bitira offering insurance and multiple cryptocurrency retirement investment vehicles? Let us know your thoughts about crypto IRAs in the comments below.
Images via Shutterstock, and Bitira’s website.
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Author: Jamie Redman