Financial technology company Prime Trust has launched a beta platform for the development of cryptocurrency-related Individual Retirement Accounts.
The beta program will be available for Prime Trust clients and will test the funding and investing aspects of the accounts with cryptocurrencies.
The program is open to crypto exchanges, lending protocols, and wealth management companies before the June 1 launch and subsequent rollout.
Prime Trust’s Chief Product Officer, Sarah Xi, notes that the firm’s API will incorporate funding and trading lifecycles.
Xi adds that the IRA will support all the digital assets with the firm’s API integration, projecting that more clients may prefer BTC and ETH due to the risks involved.
The executive notes that the volatility of cryptocurrencies and the potential security threats to the cryptocurrency exchanges are some of the risks.
IRA accounts are set to provide investors with a tax-efficient alternative to longer-term buying and holding. Crypto IRA aims to enable users to diversify their portfolio.