In this exclusive interview, I chat with Kevin Maloney, the CEO of iTrust Capital, a leading Bitcoin IRA company. Join us as we discuss the importance of custodianship and how iTrust is taking a conservative approach to crypto retirement accounts by prioritizing safety and security.
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Thank you [Music] [Music] Hey guys I'm joined today by Kevin Maloney the CEO of one of the if not the Biggest Bitcoin Ira company out there And uh I trust this is going to be a Great interview Wow Came with the hat I love it crypto dad What what I think I'd know um but what Is the messaging behind the crypto data I think it really means the uh the Traditional Um uh working professional uh investors The the the crypto curious the dads Soccer moms soccer dads you know people With kids that are doing everyday normal Life stuff that were sitting at home During covet and thinking you know what Might crypto do for me I should get Involved at some level not betting the Farm but definitely crypto curious we Call those the crypto moms and dads guys Like me yeah not an expert but I'm Definitely curious I like that and and I Know you know you said before that this Is like kind of maybe the more boring Side of crypto in a sense right and when You think of dads like you think of dad Jokes but then you also think of the Serious dads that take their finances Seriously and want to invest in their Kids and uh you know want to grow wealth
So they can get out of the Rat Race and Teach your kids stuff you know just uh You know taking control of your Financial future like that's a crypto Dad too and I think through I trust what You guys do with Bitcoin Ras I mean I Think that kind of fits in within that Yeah it certainly does I mean we were Innovators uh back in the day it was 2000 an 1819 time frame when we kicked Off the concept and really figured out How to third party integrate right we're Just the on-ramp we're the front end Software dashboard that allows you to Decide if you want to participate in This blockchain economy and if you Believe in the long-term you know future And you want some tax advantages uh then There are some benefits check with your CPAs right Etc but there are some Potential benefits that you can um you Know take advantage of within the Confines of a of a IRA yeah awesome Ira Stands for individualized retirement Account correct individual retirement Account correct yep so this is great we Love crypto dads um but I don't know if You know but one of my biggest flexes Like you I also have great hair ladies Okay Um I know it's actually the men who are Going involved they're looking for Jealousy now uh so okay so let's get Into like something that's been a very
Big topical conversation Um you know we've had The Ledger thing That just happened where maybe there's a Back door for you know someone to get Your private key something like that uh Custodianship is really really important To people uh thankfully I think the Influencer world education World in Crypto has done a much better job since Last summer of uh you know really Putting on the Forefront how people Should own their crypto and things like That Um but that was a reaction to the fall Of FTX the fall of Celsius the fall of Voyager and you guys were not swept up In any of that and I know I talked about Before we did an interview on this uh Channel with one of your other uh Executives that it was a decision Intentionally not to do it because you Couldn't figure out how to really get Yield to people and so you stayed out of That game worked out pretty well what What are your overall thoughts Um when it comes to the way that you Guys do custodianship is as opposed to Uh the lackadaisical way that those are Exchanges we're doing it yeah I mean Certainly you know we're not perfect but We've continued to innovate and iterate Based on feedback and we try to do that Quickly and often so we avoid some of The
Um you know uh debauchery that Surrounded FTX and and you know other Companies that were well publicized Um maybe a good timing maybe a little Bit of good luck maybe good decisions uh Probably a combination of all of those Things but we're not out there trying to Pick the winners in crypto we're trying To do some basic due diligence to to Kind of keep things down the middle of The Fairway and let people decide on Their own what how they want to Participate if they believe in the Blockchain economy and they want to Participate in that potential and the Future and they're investing in the long Term and they want some certain Potential tax advantages uh then we Think this is a great way to get Involved people are embedding the farm Our investors are traditionally working Professionals they're mature they've Seen multiple Cycles they're not waiting For Elon Musk to mention or tweet about Their favorite coin and hoping to get a 10x overnight right so certainly we all Don't have enough to retire on and I Think people are curious and want to Participate and there's a few ways to do That cash accounts and Ira accounts and Others so what we did recently in its Public information we announced this is Back in February is partnered with Fortress trust they are a Nevada
Regulated State chartered qualified Custodian and we uh we've had three Custodial relationships since Inception And this is our third we're excited About it we think it's better faster Cheaper more efficient we think our Clients will benefit from additional Um you know Safety and Security Protocols type 2 sock 2 compliance Things like that and the custody of Assets you know so they use Institutional asset custody you know Holders and um and we we think that's The way to go we also think that from a Custody relationship perspective the Qualified custodian the defined term Is something that could really benefit The the individuals right these are Qualified custodians that are Bank Regulated State chartered as I mentioned And the assets are held build off Balance sheet they're not lent out They're not commingled they are Completely off balance she'd held one to One in an account segregated for the Clients and so if you do that with a Qualified custodian by law they cannot Co-mingle or lend or utilize or or Re-hypothecate your assets which is key And I think if people knew that that There's a really good framework out There To get involved it may give people a Little bit more safety security peace of
Mind and if we're all acting in a more Transparent fashion we're all looking For a little bit of regulatory Clarity You're doing a great job and others are Doing a great job on the educational Side right we're all stepping up our Game I think between regulatory Clarity Which is coming I think between the Access to information which is uh you Know valid and uh and pointed and and Also um you know we always recommend do Your own due diligence as well I think All of those things will allow people to Participate with a little bit of a Little bit more sense of security I Think we did a bad job over the last Year and we lost a lot of credibility in The marketplace not I trust I'm just Saying the industry in general well I Think a lot of us did a bad job of Really hammering home self-custody and I Think it was because it was it's ease of Use of the exchanges is so much higher Than learning how to custody everything On your own Um which is kind of how we ended up in The banking crisis where and if you Think about it Um so uh usually say that you guys don't Come in funds would you say that you Guys are the middle school dance of uh Of custodian Chef yeah you know to your Side New Year's side never to mix right I mean we um you know we've always been
We've always taken a conservative Approach we've always leveraged I mean You have to the erisa act of 1974 says That you have to third party you know Hold and custody assets for people now You can't hold art and collectibles in Your IRA account but you can do Securities private equities real estate And digital assets Um and so that's a great thing there's a Wonderful there's rules in place that Protect from Bad actors right there's Bad actors in any business and Nanotechnology cannabis you name it They're out there they can change I mean Keanu Reeves is good now yeah exactly And and so you're going to get Bad Actors and you're going to get bad Business models also and so there are Good people that had good intentions With bad business models those didn't Work out then you have Bad actors those Didn't work out because the world's Pretty efficient information flows Pretty quickly it's hard to hide stuff After a while so yeah Middle School Dance I would say were pretty Conservative so we are the on-ramp onto The freeway we talked about it earlier Right we're the on-ramp I trust capital Is the dashboard we're the integrator We've put brought together all the third Party entities and and probably the most Regulated side of crypto because if
You're doing business with a qualified Custodian a true trust company that's Bank regulated State chartered for Example Fortress in Nevada then you Can't touch the assets you can't lend Them you can't re-hypothecate you can't Commingle you can't pay other people's Bills and the fact that you can hold Them one to one in segregated accounts And daily reconcile these accounts is Really key right that transparency is Cool it's important it's needed and if You can get monthly attestations or do Something to provide additional you know Clarity and transparency through odd Outside third party audits that's great Too Fortress uses Um you know they have their technology They have their they have their Institutional fire blocks relationships For custody of of assets they have uh Other liquidity providers so we're sort Of getting all in one through Fortress And we'll continue to be the brand uh The dashboard and the on-ramp now when You get onto the freeway I'm using an Analogy you get to choose the car the Lane and the speed you want to go right We have guard rails up like in the Bowling alley for the kids right we've Got our guardrails up but you know that They won't put those up for adults We went bowling the other night we took The whole team bowling to celebrate uh
Some milestones and uh yeah we we Couldn't get the bumper rails up on my Lane I needed them for sure yeah I'm Horrible boy but it is uh the world's Changing right and so we're adjusting With that and we're also working with Some of the regulators and responding New inquiries and educating The Regulators on how we think Um that this could really benefit the Masses and if and if the regular's job Is truly to protect the little guy or The little gal right the crypto moms and Dads and everyone else curious and Participating Um then I think we do need regulatory Clarity we do need access to information And we do need uh some protection around The assets where the exchanges were not An exchange aren't holding your assets On their balance sheet and maybe using Them to pay my bills or someone else's Bills or something else right so that's That's all happening now and these Options are out there Um and we're hoping that more people are Exploring how to participate in a safe Secure manner Foreign [Applause] [Applause] [Applause] Yeah these I think that you said a lot There and I think one thing that really
Stands out to me is as I listen to talk And I'm thinking about the way that you Guys approach regulation and the way you Guys approach you know obeying the law Um is very interesting uh in the world Of crypto because One of the reasons why a lot of these Crypto exchange companies were able to Run so unchecked it's because they had To be regulated outside the United States because there's no Clarity here For them to get regulated and then of Course you know it's kind of like if uh You know every single day if you're You're having trouble paying your bills But you're going into work and there's a Hundred dollar bill sitting on the desk Every single day and that's what you Need for your water bill like eventually Maybe you might think about taking it Because you got your water cut off right So basically what I'm saying is with These other companies eventually the Cookie jar was open they were going to Put their hand in it and so you guys Have done a totally different way Because your grandfathered in with Regulation because it's Ira regulation It's not necessarily crypto regulation So what has it been like Um has that helped you guys to always Lean more conservative and what did that Say about uh you know the future of Innovation in America when we do get
Regulation you know I welcome Innovation My background I was a compliance officer At room night early Finance days at Pimco is a large International it Started off as fixed income asset Manager two and a half trillion under Management at one time at the peak so I Appreciate the compliance I don't always Love it but it's needed and if you don't Have the culture where compliance is Needed and respected even though Sometimes it can be a hassle it is uh if It's not in the DNA it's very difficult And expensive to get that or build that Culture and if you look at other Companies we've talked about earlier in This conversation Who's Live who's who's whose Founders were 18 10 years ago that have only seen this Trajectory in real estate equities in Crypto and you never had any adults in The room with a compliance background And you think that you're a genius and You cannot lose but again you've never Seen a cycle and you've never had Someone say hey if you knew anything About broker dealer finra nasd or SEC Rules and regs none of this would be Acceptable even if we're not held to the Finra rules and regs at this moment for Digital assets that are um that are Utility tokens we still act like with a Bunch of guys on our team traditional Backgrounds and act like the regulation
Is here and now or forthcoming and it's So much easier if you have that DNA or That culture in innately Embedded into the company but again if You're a young person you've never seen A cycle and you've only seen this and You've and The Floodgate opened up and Dollars were flowing and you thought you Were just brilliant but you might have Been luckier just had good timing it is Difficult we've we've over spent on the Legal side but I think it'll benefit us Long term for for a couple of years During during the insolvency yeah I mean We we stayed we stayed away from some Risky assets we don't we don't pick and Choose we spend a lot of money on doing Our own due diligence but we still don't Have a sales team we don't pay Commissions we don't recommend anything We are truly the software that allows You to get on and look at your dashboard Behind the scenes there's a lot of Third-party integrators many of those Are regulated right Banks and Trust Companies Etc not a lot of regulation in Crypto I think it's coming we welcome it I sat on a panel with a former SEC Person they're damned if they do and Damned if they don't there are tens of Millions Americans participating in the Blockchain economy and if they shut it Off you're affecting millions of people Potential retirement and if you let it
Go free nilly Willy there's no Stakes or Framework around which we should operate So they're stepping carefully I think They're starting to make some waves in In the business we're all getting Inquiries and we're all responding Accordingly but again if you're doing Things by the book and you've always Done things by the book and you spent a Lot of money with expert law firms to Try and do things by the book my whole Thing is work with The Regulators do What you do best hire others to do the Rest and figure out how to deliver value In a safe repeatable scalable manner That's that's really the key it's not Rocket science yeah it's not I I think That um you know for those of us that Have been in the space for a long time Like you knew we were going to Eventually get to the spot where the Regulation was going to come in and you Know Gary Kinsler says gonna be a few More years yeah I don't think Jurgens Are going to be in charge of that Regulation but uh we'll see what happens I mean there's already precedent with The library case that secondary markets Not Securities but Um it is what it is he's going to go Down trying You're going down uh you know run out of Time in this interview but one thing That's happened recently over the last
Few months you know not just the crypto Insolvencies and contagion started Seeing it in the banking World Um so for somebody who is sitting there Looking at their Bank was AIDS Community Bank Regional Bank it's not Bank of America not Chase and they're saying ah You know I just don't really trust my Money in this account uh you know the Banks are coming funds they're Leveraging all your stuff they're taking Advantage of you Um is I trust a good place where people Are looking to kind of hedge their value To say okay you know what I'm going to Take part of my money off of my bank Account I'm a savings account put in a Bitcoin IRA and let it sit Um do you think that's something people Could do it's kind of an alternative Letting their money to the bank yeah Look I mean at the end of the day if if There's I mean we're sitting on a couple Billion dollars in Assets in any one Time there's hundreds of millions of Dollars so that capital is sitting in Large well-known stable Banks and you Know um and and you know insured Accounts or short-term U.S treasuries Money markets right very safe highly Liquid short duration uh you know assets Um we are working on a product that I Think would benefit millions of people We're working on a product that you know
As you onboard on to the I trust Platform And by the way we don't have hundreds of Coins right there's what are 10 000 Coins out there probably 24 000 on Queen Market Capital 24 000. wow I mean you Know it's grown immensely right so we Think Um A hundred are reasonably viable okay you Know we we don't we don't actually Recommend or speak about those but and Of the 30 we offer right we're pretty Conservative Um we those are generally top 50 coins By market cap Um again we always say do your own due Diligence we don't recommend we don't Pay commissions we don't have a sales Team Um but we give people options yeah you Know there are options and we will be Adding another you know half a dozen Coins that are utility assets Um but we are looking at because the Interest rate environment we're in People are sitting on cash they don't Want to be in crypto if it's coming down A lot of people are sitting on cash We're looking at options where we can Offer you know some yield on people's Cash positions so they don't have to Take it out of their Ira Ira money if You service it well and don't overcharge
It is generally pretty sticky loyal Money again if you service them well Give them access to real people uh During a reasonable business hours in The U.S uh and you give them access to You know some piece in you know security And and you know peace of mind um is key And if they're sitting on cash and it's A real hassle to transfer in and out of Other Ira accounts we think that there's A way to generate some yield for these People and share that yield with them And and the Trust Company of course That's all trust companies make money is Is generating yield so yeah I think that There's it's an option don't bet the Farm don't put all your eggs in one Basket but it is an option to have a Trust Company if I trust Capital goes Down God forbid like we go be bankrupt Um if Fortress goes bankrupt the state Still steps in and one to one your Bitcoin is held to your name and you Still get those those dollars or assets Which is really refreshing if other Companies go down that may be lent out To some Island overseas somewhere and You may not get your dollars back right So read the terms of service some people That went down disclosed everything in Their terms of service just that people Don't generally read it so terms of Service is really important well it's Something I would like to see regulation
I like to see some regulation around Crypto exchanges and what their terms of Services need to say because obviously With the Celsius situation a judge said No actually those are the company's Assets they're not your assets even Though you put them on there and you Know because of the stuff that was in Terms of service it was fully disclosed Yeah I think I think in terms of service Uh I think they used to take advantage Of people though sure I want to get that Cleaned up um but yeah so I think that Definitely you know we're a big Supporter of you guys Um you know thank you for you know being A sponsor and partner of the channel of Course Um some really interesting you know Conversations are here at the Bitcoin Conference today uh you know obviously I Don't know since you guys have some Altcoins on there maybe the Bitcoin Maximus don't like it I don't know yeah But I do know I think you guys remember I would say a significant portion of our Assets and our clients interests Obviously in Bitcoin and ethereum so the Biggest position by far is Bitcoin Um but you know look we we think there's Some new and exciting projects that are Coming and if people have you know good Teams with good track record or deep Tribal knowledge and the due diligence
Checks out we think there's some Exciting opportunities that are coming And and we're always looking at sort of The new and up and comers but look we're We're just trying trying to keep it slow And conservative down the middle of the Fairway that's it yeah slow and boring Yeah Dad life it's good to see you Thanks for having us by the way yeah I'm super stoked to be down here in Miami and uh we're gonna go see if we Can make some maximos mad this week yeah And let's play Pickleball sometime I Just I just started getting into it oh Man another one I love it so all right Well thank you so much man yeah thank You appreciate it Foreign [Applause] [Applause] [Music] Thank you [Music]