Bitcoin IRA, a digital IRA that allows users to buy, sell, and exchange cryptocurrencies for their retirement accounts, has now invested over $ 100 million in its new IRA Earn program, according to a press release.
The new program offers interest rates of up to 6 percent per year for cash, 2.7 percent for Ethereum and 2 percent for Bitcoin, the press release said.
Retirement account holders can now use the program to increase annual returns for their Traditional or Roth IRAs and / or 401 (k), according to the publication. For example, users with $ 100,000 could earn $ 30,000 in IRA earn in around five years.
The highlights of the program include high interest rates, low minimums, monthly payouts, and no lock-up period. The latter means users can earn interest with no long-term commitments, the press release said.
In other news, Robinhood, a popular brokerage app, plans to add to its crypto team this year, CoinDesk reported.
CEO Vlad Tenev said in a video with clients that Robinhood is making “a huge investment” and is hiring a lot of people in the field, according to the report.
As for the reason, he pointed to the surge in demand that Robinhood had seen. Since the beginning of this year, 6 million new customers have been trading crypto. According to Tenev, the platform’s current focus is on making sure the system is stable enough to withstand the growth, the report said.
Finally, Canada-based communications provider Sky Global was accused of helping criminal organizations launder millions of dollars in cryptocurrency over encrypted phones, CoinDesk reported, citing a March 12 indictment.
The company sold encryption devices to criminal organizations to enable activities like drug trafficking, according to CoinDesk, the indictment said. In addition, the company is said to have helped these organizations convert the illegal funds into Bitcoin and other cryptocurrencies. The indictment also alleged that Sky Global obstructed the investigation by remotely erasing evidence when the devices in question were seized by law enforcement agencies.
PYMNTS STUDY: A new approach to modernizing payments in banking – 2021
About the study: A New Approach to Modernizing Banking Payments, a PYMNTS collaboration with Red Hat and Temenos, is a research-based report that examines the trends that are transforming retail and how these shifts create new challenges and opportunities for banks. The report aims to provide a roadmap for banks to acquire the technical capacity to support digital payments in all its forms.