Crypto IRA platform iTrustCapital raises $125 million in Series A funding

1/19/2022 5:00:00 PM

Crypto IRA platform iTrustCapital raises $125 million in Series A funding (via @Yogita_Khatri5)

Crypto IRA platform iTrustCapital raises $125 million in Series A funding (via Yogita_Khatri5)

iTrustCapital, a platform that allows users to buy crypto through their IRAs, has raised $125 million in a Series A funding round.

Quick TakeiTrustCapital has raised $125 million in Series A funding led by Left Lane Capital.The firm plans to expand its team, offer new products such as staking, and explore strategic acquisitions.advertisementiTrustCapital, a platform that allows users to buy cryptocurrencies through their individual retirement accounts (IRAs), has raised $125 million in a Series A funding round.

Left Lane Capital led the round. iTrustCapital capital did not disclose participating investors, but its senior vice president of investor relations, Kevin Maloney, told The Block that the firm had initially closed on $100 million from Left Lane Capital, but it had additional demand and ended up raising $25 million more from Left Lane and other investors.

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January 19, 2022, 9:00AM EST · 2 min read Quick Take iTrustCapital has raised $125 million in Series A funding led by Left Lane Capital.Getting to Spend Time With Everyone’s Growth Considering The Expanse is based on a highly acclaimed book series, it’s no surprise that the writing (Ty Franck and Daniel Abraham, who wrote the books together as James S.Michelle Lim Davidson  and Tess Haubrich joining the cast.Disney + on March 30.

The firm plans to expand its team, offer new products such as staking, and explore strategic acquisitions. advertisement iTrustCapital, a platform that allows users to buy cryptocurrencies through their individual retirement accounts (IRAs), has raised $125 million in a Series A funding round. Corey, penned multiple season six episodes) is one of its strongest points. Left Lane Capital led the round. The show was created, written and executive produced by Subtext Pictures’ Ellie Beaumont and Drew Proffitt (“House Husbands,” “Dead Lucky”). iTrustCapital capital did not disclose participating investors, but its senior vice president of investor relations, Kevin Maloney, told The Block that the firm had initially closed on $100 million from Left Lane Capital, but it had additional demand and ended up raising $25 million more from Left Lane and other investors. Season six really made an effort to show how The Expanse ’s core characters have evolved over the series; think of Chrisjen Avasarala recalling her cruel treatment of a Belter prisoner (a throwback to season one) and realizing that while she’s not that person anymore, it’s on her to make sure everybody else realizes that, too. This is the first time iTrustCapital capital has raised VC funds. That certainly seems to be the case as the footage reveals an increasingly disjointed reality for the character until we hear Ethan Hawke’s baddie encourage Steven/Marc to “embrace the chaos,” at which point we see the character’s transformation into the menacing Egypt-powered superhero after which the film is named.

The firm was bootstrapped with $1. Advertisement This season also took time to evolve certain relationships (Amos and Bobbie, in particular, formed a nice bond this season based on brawn and snark; Holden and Naomi, the show’s stalwart couple , remained as strong as ever), while also showing the cracks that’ve formed between other characters as a result of what they’ve all been through—that Drummer-Naomi “fuck you” scene was particularly powerful, as was every confrontation between Filip and Marco. Lim Davidson (“The Newsreader”) and Haubrich (“Wolf Creek”) join the previously announced Sullivan Stapleton (“Blindspot,” “Animal Kingdom”), Magda Szubanski (“Kath & Kim,” “Babe”) and Lincoln Younes (“Grand Hotel,” “Doctor Doctor”) in the show’s main cast.3 million in total seed capital secured from friends and family. The Series A round brings the valuation of iTrustCapital — which only launched its platform in July 2019 — to over $3. My pick for season-six MVP is Cara Gee as Drummer—even while battling immense personal loss and a major existential crisis, she’s as fierce on the battlefield as she is at the negotiating table.1 billion. Lucas (“The Wilds,” “Fighting Season”) and Fadia Abboud (“Les Norton,” “Five Bedrooms”), producer Jo Rooney (“Jack Irish”) and executive producers Greg Sitch (“Fisk,” “The Letdown”) and 9Network head of drama, Andy Ryan. Growing business Maloney said iTrustCapital has witnessed significant growth, increasing its revenue from $3 million in 2020 to more than $48 million in 2021. Advertisement “X-Ray” E xtras The season only ran six episodes, so the “X-Ray” bonus content (a new feature this season) was particularly welcome.

The platform takes 1% transaction fees for letting people buy crypto from their self-directed IRAs. Investing through IRA platforms is different from crypto exchanges in several ways. Thanks to these shorts, we learned more about Drummer’s fractured relationship with her friend/frenemy/soul mate, Naomi; saw a stressed-out Avasarala soften a bit while reconnecting with a beloved young family member; got the answer to the proverbial Expanse question “What would happen if Amos and Bobbie brawled?”; witnessed Clarissa confront some very complex feelings about her father (a character we got to know in earlier Expanse seasons); and, perhaps most delightfully, observed the exact moment when Holden decided to join the crew of the Canterbury, the ship he was serving on during The Expanse season one, episode one—and whose doomed fate set the whole dang plot in motion. “Ellie and Drew have created a fantastically gripping and entertaining crime thriller and have lined up an impressive cast to bring it to life,” said Noel Hedges, EVP of acquisitions at eOne. The key difference is that IRAs provide tax-advantaged exposure to crypto. But, with IRAs, one cannot self-custody their crypto holdings because, per US IRA rules, assets must be custodied by IRA platforms. iTrustCapital's custody partners are Coinbase Custody and Fireblocks.

Besides no self-custody, another major drawback of crypto investing through IRAs is that early withdrawals before the age of 59.5 may incur a penalty. But iTrustCapital is seeing increased demand for its platform. Maloney said more than 120,000 new accounts have been created on the platform since its launch, with more than 25,000 active monthly users. The platform has thousands of working professionals in the 45 to 65 age range, while the average age of a crypto investor is typically between 21 and 35 years.

With fresh capital in hand, iTrustCapital plans to offer new products, such as staking of governance tokens, and explore acquisitions."We are actively exploring opportunities to acquire high-quality senior-level talent and technologies that could help expand our footprint domestically and possibly, abroad," said Maloney. iTrustCapital is also looking to expand its current headcount of 125 to over 250 people this year, said Maloney. To that end, the firm is also exploring raising a Series B round, likely in the $300 million-plus range, said Maloney. © 2021 The Block Crypto, Inc.

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