In a press release issued on October 21, 2019, Bitcoin IRA, a firm that claims to be the world’s first, largest and most secure digital asset IRA technology company, announced that it had partnered with cryptocurrency trading and lending firm Genesis to allow its clients to earn interest on crypto and cash holdings.
Bitcoin IRA Joins the Crypto Interest Bandwagon
Bitcoin IRA has joined forces with Genesis to enable its customers to earn interest on their digital currency holdings. Per sources close to the matter, Bitcoin IRA will officially launch the interest-earning program in November 2019 with a limited number of participants on a first-come, first-served basis.
Notably, Genesis is one of the leading cryptocurrency trading and lending companies with more than $2.3 trillion in cumulative originations. The fintech startup originated more than $746 million in Q2 2019.
Chris Kline, co-founder, and COO of Bitcoin IRA commented on the partnership saying:
“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.“
Although novel in nature, crypto-interest accounts are becoming increasingly popular among the long-term cryptocurrency holders. With Bitcoin IRA’s upcoming crypto-interest offering, digital asset enthusiasts with long-term holding plans will be able to make some extra profits on their portfolio through compound interest.
According to the press release, the annual interest rates might vary depending on the digital token deposited and the time length it is held for. Interested individuals can pre-register for the service here.
Hot Cakes: Interest-bearing Crypto Accounts
As is the case with the cryptospace, tangential businesses like digital asset lending, custody, and staking have witnessed a steep rise in recent times.
As reported by BTCManager on September 6, 2019, Winklevoss twins-backed crypto finance startup BlockFi had announced the launch of the “Interest Payment Flex” service which gives the clients the option to choose the cryptocurrency in which they’d prefer to receive interest in.
Currently, BlockFi offers its customers the option to receive interest in bitcoin (BTC), ether (ETH), and GUSD.