CNB Custody, a division of Community National Bank that specializes in the custody of alternative investments, has reported that customers can now hold cryptocurrencies in their self-directed individual retirement accounts through its partnership with ErisX, a U.S.-based crypto spot and regulated futures market.
According to CNB, IRA holders can invest in cryptocurrency spot products that are available on ErisX, which include Bitcoin, Ether, Litecoin, Bitcoin Cash and Circle’s USDC stablecoin.
“We have worked with CNB to streamline the onboarding process allowing their account holders to open an account in a few simple steps,” said Thomas Chippas, chief executive officer of ErisX. “Cryptocurrencies have become an asset class that is hard to ignore and create an opportunity to diversify IRA investments.”
CNB Custody provides administration and custody services for alternative and traditional investments in Roth IRAs, traditional IRAs, and simplified employee pension plans. The firm has more than $3 billion in assets under custody and is a member of the Retirement Industry Trust Association.