Bitcoin IRA, one of the leading financial service technology providers for individual retirement account (IRA) holders has announced its partnership with Genesis Capital, which would allow retirement account holders to earn interest rates on their cryptocurrency and fiat holdings. The interest earned from the crypto lending services would be directly transferred to the user’s retirement account.
The partnership would enable Bitcoin IRA account holders to lend their crypto holdings and boost their account value from the interest yields they would receive on the hedged cryptocurrencies. The lending services would be available from November on a first-come, first-served basis and the interest rates for each cryptocurrency would vary as per their market position.
At the time of launch, a total of 4 cryptocurrencies will be available for the lending services namely, Bitcoin, Ethereum, Litecoin, and Zcash. The announcement about the crypto lending services comes on the heels of a successful launch of its crypto swaps.
Chris Kline, COO, and co-founder of Bitcoin IRA said
“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 was founded back in 2015 and the firm claimed to have processed over $350 million in investments and boasted of 4,000 clients.