Crypto individual retirement account (IRA) software platform iTrustCapital has raised $125 million in Series A funding with a post-money valuation of over $1.3 billion, according to a press release provided to CoinDesk. The round was led by growth equity firm Left Lane Capital. As part of the investment, Left Lane Principal Matthew Miller will join the iTrustCapital board of directors.
- The proceeds will help ITrustCapital expand its products and services, scale its client services and development teams, launch new marketing channels and explore potential strategic acquisitions.
- The iTrustCapital platform allows qualified U.S.-based investors to transact in cryptocurrencies while maintaining the tax advantages of an IRA. The platform currently provides access to 25 cryptocurrencies alongside physical gold and silver.
- The software company is exploring new features for the platform, including crypto staking services and the ability to participate in governance activities through governance tokens such as Uniswap, Compound, MakerDAO, Sushi, Polkadot and more.
- ITrustCapital currently has about 27,000 funded accounts and aims to add another 180,000 to 200,000 in 2022, CEO Todd Southwick told CoinDesk in an interview.
- Founded in 2018 in Long Beach, Calif., iTrustCapital said it has grown from $2 billion in total transaction volume to more than $4.5 billion in the last six months.
- "ITrustCapital serves clients that seek long-term, tax-advantaged exposure to cryptocurrency as an asset class – a formidable and fast-growing market opportunity that traditional financial institutions have not fully addressed," said Left Lane’s Miller in the press release.
Read more: Should You Invest in Bitcoin for Retirement?
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.