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BitIRA

BitIRA

BitIRA (formerly First Digital IRA or FDIRA) is an American company that allows investors to place cryptocurrencies into self-directed IRAs.

BitIRA (formerly First Digital IRA or FDIRA) is an American company that allows investors to place cryptocurrencies into self-directed IRAs. BitIRA partners with Preferred Trust Company, a licensed trust custodian that specializes in self-directed IRAs, to provide this service to its customers.

History

Based out of Burbank, California, BitIRA is a privately held company that was founded in 2017. In 2014, an IRS ruling characterized Bitcoin and other digital assets as personal property, making it acceptable to place digital assets into IRAs. BitIRA is one of the first companies to provide this service to investors.

In 2017, the company exclusively offered Bitcoin to customers as a digital asset for placement in an IRA retirement account. In March 2018, BitIRA added altcoins Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), and Litecoin (LTC) as investment options for its customers.

Security

Prior to 2018, BitIRA had its customers' currencies stored solely with the digital wallet Xapo. In March 2018, BitIRA released a series of new insurance and security protocols that made it the world's only insured cold storage solution for Digital Currency IRAs, with protection against fraud and theft during transaction through an insurance policy from Lloyds of London and separate insurance policies for any assets held in storage. BitIRA customer assets are stored offline inside Class III vaults that are protected by armed security guards.

BitIRA's solution is compliant with the Cryptocurrency Security Standard, a globally recognized set of techniques and methodologies for securing cryptocurrency systems. Additionally, the company has voluntarily registered as a Money services business with the Financial Crimes Enforcement Network, a bureau of the United States Department of Treasury.

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