Crypto IRA software platform iTrustCapital secures $125m in growth equity
Crypto alternative investment platform iTrustCapital has landed $125 million in Series A funding.
The growth equity investment round, led by Left Lane Capital, values the company at more than $1.3 billion.
The platform allows for the buying and selling of crypto through individual retirement accounts (IRAs). It gives US-based investors, excluding those in New York state and Hawaii, access to 25 cryptocurrencies as well as gold and silver.
iTrustCapital is also exploring the potential to provide crypto staking services and the ability to participate in governance activities through governance tokens like Uniswap, Compound and MakerDAO.
The company intends to use the cash to expand its suite of products and services, expand its client-facing and development teams, consider strategic acquisitions and launch new marketing channels.
While the average age of crypto investors is between 21 and 35 years old, iTrustCapital claims its customer base falls within the “45 to 65-year-old age range”, setting it apart from many other crypto-focused operations.
The firm claims these older customers see cryptocurrency as a viable alternative asset class, adding its total transaction volume has grown from $2 billion to more than $4.5 billion over the last six months.