Bitcoin IRA is going to launch the crypto interest-earning and lending program in November.
The firm Bitcoin IRA partners with Genesis Capital to provide investors a chance to earn interests on their cryptocurrency and cash holdings. For this purpose, the firm will launch interest-earning crypto accounts in the next month.
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The news was reported through a press that released on 21st Oct. According to this press release, the crypto individual retirement account (IRA) firm, Bitcoin IRA has made a partnership agreement with the digital assets lending platform, Genesis Capital to offer its retirement account holders to receive interest rates on their crypto holdings.
Bitcoin IRA is a Los Angeles based company that was founded in the year 2015. It is a financial services technology provider.
It has been providing IRA solutions since the year 2016. From this year onward, more than 4000 clients have signed up on this firm and the firm has also processed $350 million transactions.
Genesis Capital, the digital assets lending platform has been able to lend in excess of $2.3 billion in total originations. And in the second quarter of 2019, it has originated $746 million, up by 75%.
According to the announcement, the users of the Bitcoin IRA firm will be able to earn interests on crypto holdings and for this purpose, they will have to lend their crypto holdings in their retirement account through the Genesis Capital platform.
The COO and co-founder of Bitcoin IRA, Chris Kline says that borrowing and lending will help users to increase the growth of their retirement accounts.
She states in the following words:
Interest-earning accounts through our crypto and cash lending program are an exciting revolution in decentralized finance. Borrowing and lending using cryptocurrencies and cash are providing new and safe opportunities for our clients to maximize the growth of their retirement accounts. Interest earned by a client can offset trading fees or custodial holding fees, essentially creating a FREE account making these fees a thing of the past.
Bitcoin IRA will launch the interest-earning cryptocurrency and cash holding program in the next month of November.
Starting from November, the lending platform will accept the digital assets such as Bitcoin, Ether, Litecoin, and Zcash from its clients.