Q1. What is a Treasury Account?
iTrustCapital’s Treasury Account provides businesses, trusts, non-profits, and other entities with the ability to buy and sell digital assets with enhanced closed-loop security features and institutional-grade custody. Treasury accounts are not retirement accounts and are taxable.
Q2. Who are Treasury Accounts for?
A Treasury Account is intended for businesses, trusts, non-profits, and other entities that wish to allocate corporate funds into digital assets through iTrustCapital’s highly secure custodial platform. Treasury Accounts are not designed for business entities / owners / principals who intend to move corporate funds frequently on and off the iTrustCapital platform. Business entities serving Gaming, Adult Content, and other related industry categories are restricted at this time.
Q3. Are Treasury Accounts suitable for beginners?
Yes, the Treasury Accounts are designed with ease of use in mind, making it suitable for both new and experienced business owners who would like to allocate a percentage of corporate funds into digital assets. iTrustCapital’s closed-loop ecosystem, secure regulated custody, fee transparency, and award-winning client support features make accessing and managing digital assets for business entities easy and straightforward.
Q4. What assets are available to buy and sell with a Treasury Account?
Business entities can buy, sell, and hold any of the 85+ crypto assets and precious metals (gold and silver) options available on the iTrustCapital platform.
Q5. How can I fund my Treasury Account?
You can fund your entity’s Treasury Account through either Bank wire or in-kind crypto deposit. Please note, Treasury Accounts do not permit payments or transfers to or from external wallets and only permit USD withdrawals to the entity’s U.S. bank account on record.
Q6. When opening a Treasury Account, is there a minimum amount I need to fund?
Yes, the minimum amount required to fund when opening a Treasury Account is $1,000.
Q7. What information is required to set up a treasury account?
To open a treasury account, you’ll need to provide the entity’s legal name, URL, and Federal Employer Identification Number (FEIN). You’ll also be asked to select your entity type, indicate whether you are listed as an executive or officer of the company, provide your title, and confirm whether you hold at least 25% ownership. In addition, you must provide your registered entity’s complete address, including street, city, state, zip code, and country (U.S. Only). You will also be required to upload an Articles of Incorporation (or equivalent) and an entity bank statement.
Q8. What fees are associated with a Treasury Account?
It’s free to sign up for a Treasury Account. There are no startup or monthly fees. Transaction fees are calculated when you buy and sell assets. The estimated execution price, shown prior to buying or selling, includes all iTrustCapital fees. For further details, see here.
Q9. How secure is a Treasury Account?
Just like our IRA accounts, all Treasury Account crypto and USD client assets are held 1:1 off-balance sheet, with regulated third-party US Banks and Custodians. Leveraging iTrustCapital’s secure “closed-loop” system, crypto assets cannot be transferred to external wallets, adding an extra layer of protection.
Q10. Are USD funds in a Treasury Account FDIC-insured?
All USD deposits are held off of iTrustCapital's balance sheet and are insured in some capacity. All USD, for example (Crypto IRAs, Premium Custody Accounts (PCAs), and Treasury Accounts) are held in either FDIC-insured bank deposits with U.S. Banks or Non-FDIC insured short-term money market accounts that carry SIPC insurance coverage.
Q11. Is crypto in a Treasury Account insured?
Our institutional storage providers, Coinbase Custody, Fidelity Digital Assets, and Fireblocks, all have commercial crime insurance policies. These providers do not disclose the amounts that their policies cover, but it's important to note that no insurance policy in the crypto industry covers all of the assets on any given platform.
The fact that these providers have been underwritten for any insurance is a testament to their secure, ironclad, and stress-tested platforms that we’ve been using for years.
Some crypto platforms may provide misleading statements to clients about the types and amounts of crypto insurance coverage they have, we prefer to disclose this information upfront.
iTrustCapital doesn't use hot wallets. If a client’s entity account is breached (i.e. a bad actor hacked their email, swaps their SIM Card, changed their account password, or obtained access to their Authenticator 2FA), crypto assets can not be drained from their account as there is no connectivity to external wallets within our platform’s closed-loop system.