Bitcoin IRA, which is an Individual Retirement Accounts that offer cryptocurrency options, recently disclosed that Stellar Lumens [XLM] was ranked third in terms of cryptocurrency preferences. The platform started listing XLM and ZCash [ZEC] in July.
Bitcoin IRA is a platform which enables clients to buy Bitcoin and store them in their retirement accounts. The service also provides support for other virtual currencies and handles over $300 million last year only in investments.
Regarding the latest listings, the Chief Operating Officer of Bitcoin IRA, Chris Kline, said the following:
“We just launched Stellar Lumens and Zcash this past June, and it’s exciting to see both coins take off so quickly. With so much momentum in the crypto sector in recent months, I feel confident that the bull market is here to stay.”
The company makes available IRA option with an increased level of security given via advanced multi-signature standards and an encompassing solution for cryptocurrency IRA investments. This comprises any rollover from former IRA custodians and trading on the exchange that lets you procure the asset.
IRA is a retirement plan which is commonly used by United States citizens, which include setting up a custodial account that will benefit the customer. This is further strengthened by a retirement pension contract issued by a life insurance company.
This form of plan lets taxpayers made investments in funds which are not subjectable to taxes when they are deposited. Instead, these funds are taxed when they are withdrawn. This enables an increased tax-delayed of funds.
“Opening up low-cost cryptocurrencies like Stellar Lumens for IRA accounts will drive adoption due to ease of access. The low cost will incentivize people to buy more of the token, with the IRA firm profiting as well. It seems to be a win-win situation for both the sides due to a fitting use-case,” said Bazza Jewell, an expert from the banking industry regarding the statement.