Investors Pour Over $100 Million In New Bitcoin IRA Program; Robinhood To Expand Crypto Business
According to a press release, the Bitcoin IRA Program a digital IRA that allows users to buy, sell and swap cryptocurrencies for their retirement accounts, has now invested over $ 100,000 in its new program, Earn ira.
The release stated that the new program offers interest rates of up to 6 percent annually on cash, 2.6 percent on athorum and 2 percent on bitcoin.
Retirement account owners will now be able to use the program to boost annual returns for their traditional or Roth IRAs and / or 401 (k) s, according to the release. With $ 100,000 users can earn $ 30,000 in IRA in about five years, for example.
Highlights of the program include high interest rates, low minimums, monthly payments and the lack of a lockup period, previous users of which can earn interest without long-term commitments, the release said.
CoinDesk reported, among other news, Robinhood, a popular brokerage app, is considering expanding its crypto team this year.
Speaking to a video Q&A with customers, CEO Vlad Tenev said Robinhood would be making “a big investment” and hiring many people in that area, according to the report.
Why, he pointed to the spike in demand Robinhood had seen, with 6 million new customers now trading crypto since it started this year. Tenev said that the focus of the platform is still sure that the system is experiencing fairly steady growth, the report said.
The company sold encryption devices to criminal organizations to allow for activities such as drug trafficking, the indictment said, per CoinDesk. In addition, the company allegedly helped those organizations transfer illicit funds to bitcoin and other cryptocurrencies. The indictment also claimed that Sky Global obstructed the investigation through the removal of evidence remotely when the devices in question were seized by law enforcement.