Crypto retirement savings firm Bitcoin IRA is ready to take on smaller accounts with the launch of its new IRA product, Saver IRA.

Around four years ago, Bitcoin IRA launched its first self-directed individual retirement account that required balance minimums of $20,000. Now the firm has dropped that minimum to $3,000 for a standard account. With the addition of Saver IRA, the company has a no-balance-minimum account that instead requires a monthly deposit minimum of $100.

“When it’s time to make the decision of when to buy, you’ll find that folks who want to get their toes wet will freeze,” said Chris Kline, Bitcoin IRA’s chief operating officer. “This gives them a dollar-cost average mechanism without having to think about it every month.”

Read more: ‘Focus on Retirement’: Crypto Custodian Rolls Out Hybrid IRA Offering

As COVID-19 lockdowns continue to dampen the global economy, Kline said he believes more consumers will look for alternative retirement funds.

“I think you’re going to see a lot of tightening of belts, a lot less 401(k)s being offered by providers out there possibly, or not matching,” Kline said. 

Although Kline has been speaking to his staff about the Saver IRA account since November 2018, this is the first time Bitcoin IRA has had enough resources in its compliance department and automation to handle thousands of smaller accounts. 

The firm also had to build an application programming interface (API) that would allow users to implement direct deposit.

Around 80% of Bitcoin IRA’s existing clients have signed up for the account but Saver IRA is primarily geared for new crypto IRA adopters, Kline added. This coming November Bitcoin IRA plans to further diversify its offering by allowing users to earn interest on their crypto, he said.