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New partnership provides $100M insurance for crypto retirement plans

Reitrement.American Advisors Group/Flickr

Wed, 26 Jun 2019, 05:08 am UTC

With cryptocurrency being used as a means of basically saving up for retirement now, Bitcoin IRA's recent announcement might make it quite appealing to retirees. It includes a $100 million insurance against theft or loss of cryptographic keys as well as reducing wallet fees.

Bitcoin IRA has entered into a partnership with BitGo Trust, The Block reports. With the former taking care of the retirement options part and the latter handling the actual custodianship, the collaboration results in more security for clients. This comes in the form of $100 million worth of annual insurance coverage.

Simply put, consumers' assets with Bitcoin IRA will be protected for up to $100 million, but losses exceeding this amount would not be covered.

On top of the insurance, the partnership also resulted in a 30 percent reduction of the fees for the client wallets and the option to diversify holdings in 12 digital assets, CoinDesk reported. What’s more, new clients will not have to pay for the account fee for the first year, the firm confirmed to The Block.

“We have tiered pricing based on a client’s usage and investment amount,” Bitcoin IRA said. “For example, if a client purchases multiple coins at once or invests over $25,000 then they’ll have better fees. The wallet holding fee is a small annual fee based on the amount of cryptocurrency in their wallet.”

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