iTrustCapital has launched the Premium Custody Account (PCA), a closed-loop system designed to enhance the security of cryptocurrency transactions. This innovative approach allows clients to fund their accounts with U.S. dollars or in-kind crypto deposits but restricts withdrawals to U.S. dollars only, directly to the client's U.S. bank account. This system eliminates the risk of digital assets being transferred to external wallets, significantly reducing the potential for hacking and theft.
The PCA accounts store digital assets with top-tier U.S.-based custodians like Coinbase Institutional Custody and Fireblocks, ensuring assets are not leveraged, loaned out, or commingled with business operations. This setup guarantees clients retain full ownership of their assets at all times. Kevin Maloney, CEO of iTrustCapital, emphasized the importance of addressing the evolving risks in the crypto space, stating the PCA is a solution to reduce these risks for clients.
With a minimum account opening requirement of $1,000 and no monthly or annual fees, the PCA offers access to over 75 crypto assets. iTrustCapital charges a 1% transaction fee for buying and selling cryptocurrencies. Additionally, the company provides U.S.-based live support, distinguishing itself from platforms that rely on automated responses or chatbots.
The introduction of the PCA comes at a time when the cryptocurrency market is increasingly mainstream, yet security concerns remain a significant barrier for many investors. iTrustCapital's closed-loop system represents a proactive step towards mitigating these concerns, offering a safer alternative for cryptocurrency transactions.
