A custodian firm specializing in solo 401(k) plans and self-directed individual retirement accounts plans to launch a blockchain technology subsidiary.
IRA Financial Trust Company said it plans to launch a subsidiary named IRABlockchainX that will focus on blockchain solutions for the retirement account industry.
“I think it’s going to change the way we’re doing business,” said Adam Bergman, the CEO of IRA Financial Trust Company.
Blockchain, or distributed ledger technology, is a digital ledger of transactions that is the underlying technology of cryptocurrencies. Bergman said he wants to use the technology to add a level of security to clients transactions while reducing the amount of time intensive paperwork that comes along with it.
Bergman said the subsidiary will launch by the end of the year.
IRA Financial Trust Company manages over $4 billion in assets and specializes in investors who seek to invest in alternative assets.