Crypto Retirement Accounts Provider iTrustCapital Surpasses $5B in IRA Transactions

Cryptocurrency individual retirement accounts (IRA) provider iTrustCapital has announced reaching $5 billion in total transaction volume, marking a 60% increase in nine months. According to iTrustCapital, many of its users, from millennials to working professionals to senior citizens, are trading cryptocurrencies for the first time. The company originally implemented a monthly fee of $29, which was dropped last year and now only charges a 1% buy/sell transaction fee on crypto transactions. Since iTrustCapital's inception four years prior, the firm has attracted more than 35,000 clients with its crypto IRAs. In January 2022, the company completed a Series A round at a valuation over $1.3 billion. The proceeds are being used to expand products and services, scale client service and development teams, and launch additional marketing channels. In the United States, IRAs enable individuals to save for retirement through tax-free capital accumulation or on a tax-deferred basis. For instance, those with IRAs do not need to pay taxes on asset capital gains held within these accounts but may need to pay taxes on withdrawals when they reach retirement age.