Bitcoin IRA has partnered with the leading crypto trading and lending firm Genesis Capital to launch interest-earning cryptocurrency accounts.
According to reports, this new initiative will allow its users to receive interest on their crypto by lending holdings in their accounts. The company plans to launch it in November.
The collaboration will allow Bitcoin IRA users to lend out their cash through Genesis and receive interest in return.
The crypto trading firm will accept Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and ZCASH.
The report also disclosed that interest gained from lending out assets will be paid directly to their accounts every month. Annual interest rates will be based on the given coin and the duration of assets lent. The program will be available for a small number of users on a first-come, first-served basis.
Interest rates, amount lendable and further details of the lending initiative will be announced soon.
Lending Initiative can help decentralize crypto
Chris Kline, co-founder and COO of Bitcoin IRA stated that “Interest-earning accounts through our crypto and cash lending program are an exciting revolution in decentralized finance.”
“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,” he added.
Based in Los Angeles, the firm is popularly known for providing crypto-asset individual retirement account (IRA) since 2016. It has reportedly signed up over 4,000 users and finalized over $350 million operations since 2016.
This new initiative trails the earlier announcement of its release of a crypto swap and biometric security by the firm. Equipped with US regulator FinCEN, it provides a self-directed cryptocurrency IRA.
It is important to note that crypto investors have been clamoring for a crypto lending program for quite a while. This partnership between Genesis and Bitcoin IRA is definitely a welcome development.
Register here to participate in the Bitcoin IRA initiative.