Cardano (ADA) IRA and 401k Funds Allow for Retirement Alternatives

·2 min read

Another leading digital asset is available to use in iTrustCapital retirement accounts. The crypto IRA platform announced on its website that it would be introducing Cardano (ADA) to its list of available assets.

ADA, a third-generation cryptocurrency and the native coin of the Cardano blockchain, can be accessed for investors’ IRA and 401k accounts. It will join the likes of Bitcoin, XRP, and ETH, as well as LTC, DOT, EOS, and LINK.

iTrustCapital also allows investors to access precious metals, namely silver and gold, on its platform.

The team issued a Tweet on April 15, announcing the addition of ADA:

The platform’s clients are charged a 1% trading fee, but otherwise no taxes are involved. In addition, investors have to shell out a fixed $29.95 as a monthly service fee.

ADA as a digital asset

So why are they an attractive asset to have in an IRA or 401k account?

As of April 15, ADA is the fifth-largest cryptocurrency by market capitalization. Its total market cap is estimated to be around $45 billion.

iTrustCapital pointed out that since April 2020, when ADA was valued at just $0.03, the token has since seen “astronomical growth” to $1.17 as of April 2021. An approximate total gain of 3,800% in the space of a year.

Back in February, the token tripled, with a near-274% gain in only a month.

The Cardano blockchain is unique due to several key features. This includes, but not limited to, a team of engineers and academics using a peer-reviewed system for maximum security. Furthermore, it uses the Ouroboros Proof-of-Stake algorithm also has privacy options that include zk-SNARKS.

What else is happening?

Last week, Cardano founder Charles Hoskinson laid out a roadmap for the blockchain project on his YouTube channel. There he outlined plans for the network leading up to 2025.

Its next upgrade, dubbed Alonzo, will introduce smart contract support. Alonzo will utilize the Plutus platform to establish tools for smart contract development. Plutus will also enable more complex minting policies for non-fungible tokens (NFT), increasing their growth on Cardano.