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Bitcoin IRA, a company which provides cryptocurrency-based individual retirement accounts, today announced that it has surpassed $400 million in “transactions” since its launch in 2016, in a sign of the increasing popularity of Bitcoin over the last half decade.
According to the firm, several factors have contributed to its reaching this milestone, including its partnership with crypto custodian BitGo Trust last June. That partnership helped the firm improve its custody services and provide a $100 million insurance policy to cover losses and potential theft.
The company also referenced its more recent alliance with crypto lender Genesis Capital, forged in October, which enabled Bitcoin IRA to provide its clients with the ability to earn interest on both crypto and cash holdings.
In addition, Bitcoin IRA COO Chris Kline said in a statement that the firm plans to announce “substantial product launches in 2020” aimed at accelerating the company’s growth.
The company’s apparent success thus far in providing Bitcoin-based retirement accounts comes despite an ongoing legal dispute with Kingdom Trust, a former business partner of the firm. Indeed, Bitcoin IRA’s alliance with BitGo—which the company cites as a key factor in its purported gains—is the source of the dispute.
In August, Kingdom Trust filed a lawsuit against Bitcoin IRA alleging that the company and its new partner, BitGo, conspired against Kingdom Trust to steal trade secrets and poach its clients. And while a Kentucky court dismissed Kingdom Trust’s lawsuit in October, a countersuit filed by Bitcoin IRA in South Dakota remains ongoing.