By
Natallia Maksimenko
September 1st, 2020
Starting with Ripple’s XRP token, cryptocurrency retirement fund Bitcoin IRA plans to add further altcoins in coming weeks.
Bitcoin IRA, the first altcoin-based retirement portfolio ever to give individuals an opportunity to purchase and invest cryptocurrencies for their individual retirement account or 401(k) officially approved by IRS, has announced to launch Ripple network’s digital currency XRP.
According to the press release, XRP is defined as the best digital asset for payments, and as one of the largest digital assets by market capitalization. With the addition of XRP, Bitcoin IRA is expanding its cryptocurrency options, which also include Bitcoin and Ethereum.
Several more digital platforms, such as Bitso, Coinobe, BuyBitcoin and others, has already partnered with Ripple network earlier this year. BitGo platform has also deepened its cooperation with Ripple, as is totally satisfied with the direction in which XRP is moving.
The main advantage of XRP over other cruptocurrencies is that it doesn’t aim to replace traditional fiat currency, on the contrary, XRP works with fiat currencies on more than 10 digital exchanges to transfer value across borders. The goal is to provide a faster transfer of funds with real-time traceability and lower operational and liquidity costs.
Bitcoin blockchain technology can only process 7 transactions/second. A single transaction may require a processing time of 10 minutes (even up to two hours). A traditional payment service, like a credit card, averages 2,000 transactions per second. The XRP blockchain ledger can process more than 1,000 transactions per second. It can scale to the same throughput as Visa and process in real-time.
Miguel Vias, Head of XRP Markets at Ripple, said: “As institutional adoption of Ripple’s enterprise blockchain solution has grown, people increasingly understand the future opportunity for banks, payment providers, and other institutions to use XRP as an on-demand liquidity solution for cross-border payments. Bitcoin IRA, Kingdom Trust and BitGo offer a forward-thinking way for individuals in the U.S. to access and store XRP.”
Chris Kline, COO of Bitcoin IRA, adds: “Since listing XRP in our retirement accounts, demand from our customers has been immense. We are proud to be the first and only company in the world to offer XRP for retirement planning. Those who hold XRP with BitcoinIRA.com will see it in ‘cold storage’ digital wallets from BitGo, widely considered the most reliable and secure digital wallet, with multi-signature encryption.”
Launched in May 2016, Bitcoin IRA turns out to be one of the most progressive companies revolutionizing the retirement industry. Earlier this summer Bitcoin IRA has announced the launch of Ethereum IRA, a self-directed IRA for the second-most popular cryptocurrency (by market cap) in the world.
Now the company is one and only platform offering cryptocurrency-based retirement investment portfolios by collaborating with leading retirement and cryptocurrency companies in order to allow customers to invest in Bitcoin, Ethereum and XRP, according to the latest press release.
According to CNBC’s video review, the company differentiates itself from other Bitcoin investment products in multiple ways attracting morde and more investors to diversify in cryptocurrency development, despite all the associated risks and assets’ volatility.
