Crypto IRA iTrustCapital raises $125M, pushes valuation over $1B
Crypto IRA iTrustCapital raises $125M, pushes valuation over $1B
Bengaluru, 19th January 2022: iTrustCapital, a cryptocurrency IRA as well as 401(k) provider, announced that it has secured $125 million in some kind of a growth equity investment, bringing its valuation to $1.3 billion. The funds will be used to enlarge the company’s current services and products, as well as to look into strategic partnerships, according to the company.
iTrustCapital said on Wednesday that it has closed a $125 million Series A growth equity investment headed by New York-based venture capital company Left Lane Capital. The official statement was:
Left Lane Capital board member Matthew Miller said, “We are similarly excited to partner with iTrustCapital to help support their aim of providing access to cryptocurrency as well as other alternative investment products via self-directed IRAs.” “iTrustCapital provides a longer, tax-advantaged access to cryptocurrency as just an asset class to its customers.”
iTrustCapital enables US-based customers to include crypto assets into their retirement portfolios by giving access to 25 cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), as well as Cardano (ADA), as well as real gold and silver. The organization recorded a total transaction volume of much more than $4.5 billion, with such a customer base that included numerous highly skilled workers aged 45 to 65.
Many U.S.-based investment platforms had attempted to entice investors by offering tax-free options for holding and mining cryptocurrency. Under current U.S. tax law, earnings are frequently the only taxable source of income for many people who file returns, with so many managing to avoid paying the government by employing dubious but legal tactics.
PayPal co-founder Peter Thiel utilised a Roth IRA – a tax-free account — to invest $2,000 and over 20 years ago as well as turned it into a $5 billion fund, according to ProPublica in June 2021. iTrustCapital appears to be seeking for a similar strategy to lower prospective tax payments utilising crypto investments by offering “tax-advantaged” accessibility to cryptocurrency via IRAs.
About iTrustCapital
Corporate executives in the alternative investment IRA industry founded iTrustCapital. iTrustCapital is the leading virtual asset IRA trading platform, allowing customers to purchase and sell cryptocurrencies as well as real gold straight from their retirement savings accounts instantaneously.
iTrustCapital’s revolutionary system excludes the expensive inefficiencies as well as old procedures of previous IRA frameworks, allowing investors to move the money from there own retirement accounts into the Cryptocurrency as well as physical Gold marketplaces securely, easily, and legally—at up to 90% lower costs than some other IRA organisations. The purpose of iTrustCapital is to enable 10 million investors to partake in the economic boom that a blockchain future promises.
Crypto IRAs are currently unavailable from popular retirement account providers such as Fidelity as well as Charles Schwab. This has created a market for cryptocurrency companies to fill.
iTrustCapital, in contrast, allows individuals to invest in Bitcoin or Ethereum, as well as a range of other cryptos including such Solana, Cardano, Tezos, as well as Chainlink. It just released an ios application.
In the coming years, the company plans to offer an income-generating opportunity in the form of staking services. It also intends to create tools that would let users who purchase governance tokens from the Uniswap, Compound, as well as Polkadot to engage in voting for those ventures.
