Westlake Equity Trust Launches Platform For Cryptocurrency IRAs

From Equity Trust Company: Equity Trust Company announced today the launch of their digital asset platform. Through myEQUITY, Equity’s account management system, clients can invest in digital currencies within an IRA.

The new platform simplifies the digital currency investment process by providing an easy-to-use interface enabling both individual investors and institutional partners, on behalf of their clients, to quickly place orders for digital currency using tax-advantaged funds from IRAs.

“The digital asset platform marks the most recent in a series of technology investments made by Equity Trust,” said Dave Allen, Chief Operating Officer of Equity Trust Company. “We’ve invested in technologies that align with our broader strategy of delivering innovations and industry-leading capabilities that truly optimize client value by speeding up the investment timeline and simplifying the process.”

“Recognizing the demand from clients and other investors to use their IRAs, and the potential tax benefits they offer to investing in digital currencies,” added Allen, “Equity Trust sought to simplify access to this emerging asset.”

The platform integrates a client’s Equity Trust account with fully redundant ‘cold storage’ facilities – a secure method of long-term storage of digital currency – eliminating the customer risk associated with holding their own ‘keys’.

As long as IRS guidelines are followed, investment gains from digital currency generated in the IRA may be tax-deferred, a potential benefit and differentiator for those investing in digital currency. For example, in 2017 Bitcoin prices surged and many investors profited, but it also created a significant tax impact. If the investments were made through an IRA, taxes could have possibly been mitigated or deferred until retirement.

Using the Equity Trust Digital Asset Platform, investors can buy and sell Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin and Ripple on a trade date plus one basis (i.e. for sale transactions cash is available the next day). Digital currency purchase/sell orders are facilitated with a digital currency liquidity provider or exchange.

“After the purchase, the digital currency is held in a secure ‘cold storage’ vault that is not connected to the Internet,” Allen said. “Our industry leading security partner uses physical and cybersecurity best practices, to create a secure vault for these digital assets.”

Investors can open an account online (using e-signature capabilities) or through an investment liaison for a minimum investment of $10,000, plus a $500 non-refundable digital asset platform establishment fee.

Image via Shuttershock