Bitcoin IRA, a cryptocurrency IRA platform that allows customers to purchase Bitcoin and other cryptocurrencies for their retirement accounts, announced this week the addition of Zcash (ZEC) and Stellar (XLM) to its list of supported cryptocurrencies.
— Bitcoin IRA (@Bitcoin_IRA) June 19, 2018
In the announcement, Bitcoin IRA CEO and co-founder Camilo Concha shared the reasoning that drove the company to adopt the two new currencies.
Zcash’s zero-knowledge cryptography is a powerful solution to privacy concerns regarding visibility of transaction history. And Stellar Lumens, with its impressive partnerships, fast transaction times, and altruistic mission, has also established itself as a valuable currency to look out for
It has been a big last few weeks for both of Zcash and Stellar. In May, crypto exchange Gemini announced the addition of Zcash to its platform’s available trading options. In the announcement, Gemini stated that it had been working closely with the York State Department of Financial Services (NYSDFS) to obtain approval to offer Zcash trading and custody services. Gemini is officially the first licensed Zcash exchange in the world, which also makes the NYSDFS the first regulatory agency in the world to supervise Zcash.
Just last week, the state of New York officially approved the trading of Stellar. New York’s Department of Financial Services gave the green light to ItBit, allowing the exchange to add XLM to its platform. Regulators also awarded the crypto storage company Xapo a BitLicense. The move likely means that New York does not consider XLM to be a security.
Bitcoin IRA’s allows for simple IRA or 401k fund transfers and provides secure cold wallet storage that is insured up to $1 million.