Bitcoin IRA Clears $400 Million in Transactions

Biometrics News - Bitcoin IRA Clears $400 Million in Transactions

The digital asset platform Bitcoin IRA has officially processed more than $400 million in cryptocurrency transactions. The platform is specifically designed for people hoping to use cryptocurrencies to fund their retirement, allowing them to buy and sell Bitcoins, gold, and other assets through an IRA or a 401(k).

The news comes just over a year after the company launched its 24/7 self-trading cryptocurrency platform in late 2018. Bitcoin IRA users can use the platform to open a new retirement account, or they can choose to convert an existing IRA.

“This is a testament to our top-notch security features, innovative product offering, and proprietary real-time 24/7 self-trading platform,” said Bitcoin IRA COO Chris Kline. “We are announcing substantial product launches in 2020 that should accelerate our company’s growth and further enhance our client’s ability to self-manage and grow their retirement portfolios.”

The company spent much of 2019 working to upgrade its security to give customers more peace of mind. To that end, Bitcoin IRA partnered with BitGo Trust, which provides custody insurance with technology that is certified at the SOC 2 Type 2 level. It would later introduce an “Advanced Biometric Security” system that leverages facial recognition to verify people’s identities for online applications and trading sessions. The system is intended to be compliant with anti-money laundering regulations.

In 2019, Bitcoin IRA also landed more private capital and unveiled the beta version of an interest program for people storing assets on the platform.

Of course, Bitcoin IRA is not the only company using biometric technology to make cryptocurrencies more secure. ZenGo currently protects its digital wallet with FaceTec’s ZoOm authentication software, while Civic has partnered with Onfido to verify the identities of new users and provide a more streamlined customer onboarding experience. IDEX Biometrics has has also predicted that strong biometric security will be crucial for cryptocurrency platforms that are looking to expand their clientele.