BitIRA, a market leader in providing cryptocurrency options for retirement accounts, today rolled out new security protocols that make it the only fully-insured, cold storage digital currency IRA storage solution available, company officials believe. In addition to Bitcoin, the company’s digital currency IRA service now offers Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), and Ripple (XRP). These new altcoins and safety procedures, along with the company’s customer-friendly pricing, together make BitIRA the top solution for digital currency IRAs.
“Our new set of proprietary security precautions were necessary to facilitate the addition of the most in-demand altcoins within our service,” BitIRA digital currency specialist Jay Blaskey said. “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.”
BitIRA works with key partners to provide a cold storage solution for the digital currency IRA market. Its security strategy includes:
End-to-end insurance – All assets held in storage are fully insured through an all-risk policy from Lloyd’s of London. Assets are also protected during the transaction against any internal cases of fraud or theft by a second Lloyd’s policy.
Multi-signature wallets – All cryptocurrencies are stored in multi-signature wallets, with individual keys held in separate physical locations.
Custom, secure hardware storage – Wallets for each account are held on personal, custom hardware devices that are encrypted with secure passcodes.
True cold storage – All wallet storage devices are held in 100 per cent offline, cold storage at a state-of-the-art depository with UL and ULC-rated, multi-redundant security systems, inside Class 3 vaults that are protected round-the-clock by armed guards.
CCSS compliance – The entire process is fully compliant with the CryptoCurrency Security Standards, a series of globally accepted techniques and methodologies designed to ensure the highest degree of security for cryptocurrency systems.
BitIRA is a digital currency IRA service that is currently registered as a money services business with the Financial Crimes Enforcement Network (FinCEN), a branch of the U.S. Department of Treasury.
Customer-friendly fee schedule
Fees and charges for digital currency IRAs can add up and deter potential investors. Most competitors charge fees for both initial transactions and liquidations along with monthly custodial fees. BitIRA said it never charges customers for the liquidation of assets. Plus, its partner custodian limits its holding fees to a single annual cost, which can save investors hundreds and even thousands of dollars, depending on the amount they invest.
“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,” said Andy Klein, BitIRA’s director of strategic planning. “At BitIRA, there’s nothing we take more seriously than protecting our customers’ digital assets, and our new security protocols underscore that sentiment without question.”