Does iTrustCapital Offer XRP? Does iTrustCapital Offer XRP?

Does iTrustCapital Offer XRP?

Joey Farbstein Joey Farbstein

XRP is not currently available to buy and sell. Please read the following article for information regarding XRP. If you have any other questions, please direct them to your tax planner or financial planner.

iTrustCapital is and will continue to be a supporter of the XRP community. Unfortunately, continued regulatory scrutiny of XRP caused the last of our liquidity partners to suspend XRP buying and selling Wednesday, January 20, 2021, at 1:00 Pacific Standard Time. 
Our platform will continue to hold XRP in secure storage. However, clients will no longer be able to buy or sell XRP (potentially indefinitely).
Additionally, Crypto IRA clients do not have direct access to the tokens unless sent as an in-kind distribution. To learn more about distributions, please review the IRS FAQ.
Our goal is to provide the best client experience while ensuring compliance with all IRS and SEC regulations. If exchanges restart XRP buying and selling with the United States-based clientele, iTrustCapital will swiftly integrate them into our platform.

SEC Action and Industry Response

As many are aware, the SEC recently took action against Ripple Labs, Inc. As a result, many US-based exchanges, including Coinbase, have halted XRP trading since January 2021.

iTrustCapital and Liquidity Providers

iTrustCapital is a Self-Directed IRA Technology provider. Our company connects institutional-grade custody and liquidity providers into a single 24/7 buying and selling interface. Over the past two years, we have become the premier Crypto IRA brand and are proud to have been warmly welcomed by the XRP community. 
We've worked closely with industry-leading liquidity providers with hopes of continuing to service the XRP community. We are not an exchange and require liquidity providers to service client buying and selling needs. 
Unfortunately, uncertainty around the regulatory status of XRP caused all of our US-based liquidity partners to suspend XRP buying and selling within the coming weeks. As a result, buying and selling of XRP will not be available after Friday, January 8th, 2021, and may cease earlier as required by our liquidity providers. 

Clients Choose 

As with any Self-Directed IRA, the client makes all decisions. Our platform will facilitate one of the following three options:
Convert to another asset. Before January 8th, 2021, or such an earlier date as may be required by our liquidity providers, clients can freely buy and sell XRP on our platform. You can use this as an opportunity to evaluate our offerings and find the best place to park your IRA funds. Our platform supports cryptocurrencies like Bitcoin and Ethereum and precious metals like Gold and Silver. You can review our complete list of available assets on our website.
Continue to hold XRP without guaranteed liquidity. Clients who choose not to sell or are unable to sell by January 8th or such an earlier date as required by our liquidity providers will still hold XRP within their Self-Directed IRA but will have no ability to buy and sell. 
Distribution. Subject to applicable limitations imposed by the IRS, Clients may take distributions from their IRAs. We recommend consulting with a tax professional or financial planner before taking this action. To learn more about distributions, please review the IRS FAQ.

Additional Questions and Answers

Is there a chance you may stop XRP buying and selling earlier?

Our platform will not support liquidity if our partners decide to shut down buying and selling earlier. We currently anticipate buying and selling to continue on our platform through January 8th, and we will do our best to notify clients of any changes to that timing. 

Will I be able to buy or sell after Jan 8th?

No, we will no longer be facilitating buying and selling as of January 8th. This includes both buying and selling.

Will iTrust continue to track and display XRP's performance in the same manner as has been done to date - even though I can't buy and sell it?

We will do our best to allow clients to continue to track their XRP holdings. The only change you should expect is that the asset can no longer be bought or sold.

Can I withdraw my XRP since I cannot buy and sell it?

Yes, but this will require a distribution. We recommend consulting with a tax professional or financial planner before taking this action. To learn more about distributions, please review the IRS FAQ

Can I transfer my XRP to another provider?

An IRA transfer is only possible from a Crypto IRA provider to another Crypto IRA provider. To our knowledge, all Crypto IRA providers are planning on halting buying and selling of XRP. If you find another Crypto IRA provider willing to accept an In-Kind Transfer, please contact us.

What about my Flare tokens?

If you previously qualified for the Spark (Flare) token distribution event based on the snapshots, no action is needed. If you did qualify based on the snapshots and now choose to sell your XRP before January 8th, you are still qualified to receive Spark (Flare) distribution.

Will you turn XRP buying and selling back on?

Our goal is to provide the best client experience while ensuring compliance with all IRS and SEC regulations. If exchanges restart XRP buying and selling with the United States-based clientele, iTrustCapital will swiftly integrate them into our platform.

If XRP is deemed a security, will you turn buying and selling back on?

If XRP is deemed a security by the SEC, it is unlikely we would be able to facilitate buying and selling on our platform. 
 
Important Note: All investments involve a substantial risk of loss.  All buying and selling strategies are used at your own risk, and you are responsible for the financial resources you utilize.  If the market moves against you, you may sustain a total loss of the initial amount you allocated to the investment.  You should not buy and sell unless you fully understand the nature of the transaction you are entering into and the extent of your exposure to loss.  If you do not fully understand these risks,  you should seek independent advice from your financial advisor.  iTrust is not an investment specialist, tax specialist, financial planner (certified or otherwise), or retirement advisor, and iTrust does not provide investment advice, tax advice, financial planning services, or retirement planning or retirement-specific advice.  iTrust facilitates the purchase of digital currency and precious metals, nothing more, and charges a fee for its service.  ITrust users make all investment decisions.  Please read the full Risk Disclosure.