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Prime Trust Crypto IRA exits beta as Bitcoin volatility hits historic lows
The IRA offerings include options with exposure to Bitcoin, Ether, Solana, Litecoin, Cardano and Avalanche tokens Prime Trust launched its beta crypto IRA in March When Prime Trust launched its beta test of a crypto IRA product, the financial infrastructure company said it was just tracking the money. The trend has not changed, so the company has pushed ahead with its official launch. “Half of US wealth is in bond funds,” Sara Xi, chief product officer at Prime Trust, said. “Even if we have 1% market penetration, we’re talking about $500 billion to $600 billion.” Prime Trust announced in March the launch of its Prime Trust Crypto IRA beta program...
Prime Trust Crypto IRA exits beta as Bitcoin volatility hits historic lows
- Die IRA-Angebote umfassen Optionen mit Engagement in Bitcoin, Ether, Solana, Litecoin, Cardano und Avalanche-Token
- Prime Trust hat im März seine Beta-Krypto-IRA eingeführt
When Prime Trust launched its beta test for a crypto IRA product, the financial infrastructure company said it was just tracking the money. The trend has not changed, so the company has pushed ahead with its official launch.
“Half of US wealth is in pension funds” Sarah Xi, Chief Product Officer at Prime Trust, said. “Even if we have 1% market penetration, we’re talking about $500 billion to $600 billion.”
Prime Trust announced in March the launch of its beta program for Prime Trust Crypto IRA, a first-of-its-kind retirement account with a single application programming interface (API). On Monday, the company said it was ready to offer the product to the public.
The IRA offering includes traditional and Roth IRAs with options for exposure to Bitcoin, Ether, Solana, Litecoin, Cardano, and Avalanche tokens. Market volatility has not deterred investors, Xi said, even for smaller tokens compared to Bitcoin and Ether, which are more commonly found in traditional portfolios.
“I think people need access to a diversified portfolio exactly when the market is not good,” Xi said. “Everyone is looking for all the different ways to diversify, and crypto may be volatile in the short term, but if you're investing for the longer term, it's a pretty attractive diversification tool.”
Security has been a key concern for customers, Xi said, and the product will offer a warm-hot storage architecture supported by multi-party computing technology.
The Prime Trust Crypto IRA is supported by the company's institutional-grade financial API technology, Xi said, which includes compliance, custody, payment rails, crypto trading and settlement resources. The idea is to make it as easy as possible for business-to-consumer customers to offer the services, she added.
Prime Trust's IRA product comes less than a year after ForUsAll, a retirement investment platform for small businesses, partnered with Coinbase to launch its Alt 401(k), an investment vehicle that allows employers to offer crypto exposure through 401(k) accounts.
The news also comes as Bitcoin finds itself in an unusual position: it is currently less volatile than major stocks. For the first time since 2020, Bitcoin's volatility has fallen below that of the Nasdaq and S&P 500 stock indexes, according to data from Kaiko, so investors suffering from market weakness could find some respite in crypto.
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The post Prime Trust Crypto IRA exits beta as Bitcoin volatility hits historic lows appeared first on Blockworks.