iTrustCapital, a leading crypto Individual Retirement Account (IRA) software platform, has launched a staking program that will see clients earn rewards when they hold their crypto assets within IRAs.
Amid the growth in cryptocurrency adoption and increased demand for digital assets across the investment market, iTrustCapital’s latest program is set to be another game-changer.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
Investors leveraging this feature will have an opportunity to tap into tax benefits for a staking reward of 9.5% APY, the investment platform noted in a press release sent to Invezz.
A new staking program
iTrustCapital is a market leader when it comes to self-directed digital asset IRAs, offering solutions that allow customers to directly buy and sell different types of cryptocurrencies. Customers can also use their retirement accounts to invest in precious metals such as gold and silver.
The staking program is therefore another opportunity for clients to tap into the firm’s solutions to invest in crypto using their IRAs. Clients can use this self-directed Crypto IRA program to grow their crypto portfolio.
Staking support is currently available for Polkadot (DOT) and is open to all iTrustCapital clients. To participate, account holders need a balance of 5DOT, with passive income from staked coins of up to 9.5% APY.
The staking period will be 90 days, after which clients can choose to withdraw their DOT tokens or reinvest. According to the company, the inaugural staking pool has attracted over 3,400 clients, with more than 35% of DOT tokens staked so far.
iTrustCapital, which launched in 2018, is planning to extend the staking pools to other digital assets. In August, the US-based platform announced its total transaction volume had reached $6 billion. The figure represented a 200% increase from the $2 billion mark hit in July 2021, the month iTrustCapital added support for Enjin (ENJ) to its IRA/401k.