CHICAGO & NEW YORK–(BUSINESS WIRE)–ErisX is pleased to announce that customers of Midland Trust are now able to utilize their self-directed Individual Retirement Accounts (IRAs) to invest in crypto assets. In concert with ErisX, Midland has expanded IRA holders’ investment options to include cryptocurrency products available on ErisX (Bitcoin, Ether, Litecoin, and Bitcoin Cash) to help achieve financial goals.
- Self-directed IRAs are administered solely at the discretion of the account owner.
- Controls ensure any disbursement of funds is managed with the IRA Custodian.
- Opening an account is fast and easy, with just a few simple steps.
“We are pleased to work with Midland Trust and expand our vision of an intermediary-friendly crypto market to include IRA trusts and their investors,” said Thomas Chippas, CEO of ErisX. “Our licensed, U.S. based spot and regulated futures market enables individual investors of all types to confidently diversify their portfolios.”
“It is great to connect with ErisX to offer our clients secure and transparent access to add crypto trading to their portfolios,” said Adam Sypniewski, Senior Director at Midland Trust. “ErisX’s crypto markets offer the same state and federal protections as traditional assets. Their licensing, operations and infrastructure mirror established capital markets.”
Midland Trust customers with a self-directed IRA should complete the ErisX onboarding process as an individual member by clicking sign up on the ErisX website. Once approved by ErisX, the application packet from the ErisX member portal will be available to send to Midland Trust for sign-off. Members will be notified via email when the ErisX account is ready to be used. For more information, please visit www.erisx.com.
ErisX is attending the RITA Conference March 30-April 1st, 2021 where our General Counsel Laurian Cristea is speaking on crypto for self-directed IRA accounts. If you are interested in attending, registration is required.
Licenses and Registrations
ErisX Futures are offered through Eris Exchange, LLC, a Commodity Futures Trading Commission (CFTC) registered Designated Contract Market (DCM) and Eris Clearing, LLC, a registered Derivatives Clearing Organization (DCO). The CFTC does not have regulatory oversight authority over virtual currency products including spot market trading of virtual currencies. ErisX Spot Market is not licensed, approved or registered with the CFTC and transactions on the ErisX Spot Market are not subject to CFTC rules, regulations or regulatory oversight. ErisX Spot Market may be subject to certain state licensing requirements and operates in NY pursuant to Eris Clearing’s license to engage in virtual currency business activity by the New York State Department of Financial Services.