Strategic relationship between Gemini and Directed IRA allows self-directed IRAs and solo 401(k)s to buy and sell crypto
PHOENIX, Nov. 17, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Since launching its Crypto IRA Solution through a strategic relationship with Gemini in May 2021, Directed IRA has attracted over $40M in crypto IRA investments as of October 2021. Directed IRA is on track to have over $100M invested into IRA owned crypto trading accounts at Gemini within its first year.
“IRAs of the future will own Bitcoin, crypto, and other digital assets. The IRA and crypto expertise of Directed IRA and Gemini has resulted in a best-in-class and simplified low-fee Crypto IRA product.” Mat Sorensen, Attorney, Founder, and CEO of Directed IRA by Directed Trust Company.
Through the strategic relationship, Directed IRA and Gemini are simplifying the process of using an IRA to invest in cryptocurrency and putting trading and investment controls in the hands of the IRA owner in a cost-effective manner.
Directed IRA selected Gemini because they are one of the few licensed and audited providers in the crypto industry and have leading product, security, licensing, and compliance capabilities.
“We’re proud of the tremendous growth that Directed IRA has experienced in offering crypto exposure to IRA owners. As the exclusive custody and exchange provider of Directed IRA we’re thrilled that investors have so readily diversified their retirement holdings with crypto assets and look forward to continuing to support further growth in this space.” said Kristen Mirabella, Director, Business Development, at Gemini.
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Why Would You Want to Own Crypto in Your IRA?
Using an IRA to invest in crypto provides significant tax advantages. Roth IRAs are popular among IRA investors buying crypto as there is no tax on the gains when you are trading, and the funds come out of the Roth IRA entirely tax-free at retirement (age 59 ½). Many investors also use traditional IRA funds which are tax deferred accounts where the tax is deferred and only due when you withdraw funds at retirement.
Buying crypto with an IRA is an easy three step process. First, a retirement account (IRA, Roth IRA, SEP IRA, HSA, Solo 401k, ESA) is set-up by Directed IRA and is funded by rollovers/transfers from the account owners existing retirement accounts or is funded by new IRA contributions. Second, a Gemini crypto trading account is established in the name of the IRA and is funded by the Directed IRA account. The IRA owns the Gemini crypto trading account. And third, the IRA account owner is added to the Gemini exchange account and now has full access to buy, sell, and store Bitcoin and over 50 other cryptocurrencies.
Why Use Directed IRA and Gemini for Your Crypto IRA?
Directed IRA by Directed Trust Company is a licensed and audited trust company in Arizona assisting IRA customers nationwide. Directed IRA is audited annually by third party CPA firms and is examined by Arizona Department of Insurance and Financial Institutions (AZDIFI). Directed IRA has processed over $1B in customer transactions and is the highest rated for customer service in the self-directed IRA industry (based on hundreds of verified google reviews).
Directed IRA’s leadership team consists of attorneys, CPAs, and industry credentialed professionals. Directed offers the full spectrum of accounts that can be invested into crypto, including Roth IRA, Traditional IRA, SEP IRA, HSA, Coverdell ESA, Solo 401(k), Custodial 401k, Inherited Roth and Traditional IRAs, and Backdoor Roth IRAs.
Directed IRA has been at the forefront of crypto IRA investing. Its founder and CEO, Mat Sorensen, used his retirement account in 2017 to buy crypto and Directed IRA has been helping clients since 2018. Mat is an attorney and the author of the #1 book on self-directed IRAs, The Self-Directed IRA Handbook, which has sold over 35,000 copies and which includes a chapter on cryptocurrency investing with an IRA.
Gemini Trust Company, LLC is a New York trust company that is a fiduciary and subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the New York State Department of Financial Services (NYSDFS) and the New York Banking Law. Gemini's simple, reliable, and secure products are built to empower the individual. Gemini was founded in 2014 by twin brothers Cameron and Tyler Winklevoss.
Media Contact
Joanna Garzilli
Business Development Officer, Crypto Division
Directed IRA & Directed Trust Company
+1-602-654-3281
joanna.garzilli@directedira.com
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