Learn more about Fortis Bank and their role as IRA custodian for the Unchained IRA.
As required by Internal Revenue Code Section 408(a)(2), all Unchained IRAs have a licensed financial institution as IRA custodian. Unchained has selected Fortis Bank as its partner to fill this role. All IRA bitcoin is stored in a secure Unchained multisig vault in which legal title vests to the IRA custodian.
Learn: Read our Ultimate Guide to Bitcoin Retirement Savings to learn more about the Unchained IRA
Unchained clients typically demand the strictest security; however, they do not want Fortis or any other third party holding a quorum of private keys. Fortis therefore agrees to delegate control of private keys by legal agreement in the Unchained Terms of Service to address this concern. Two keys (a quorum in the Unchained 2-of-3 vault) are delegated to the client, with the third key delegated to Unchained.
Note: No contents of this post may be relied upon as tax, legal, or financial advice, as they have not been tailored to you and have not been reviewed by any attorney, financial advisor, or tax professional. For any questions related to your own specific situation, please consult with your own attorney, tax professional, and/or licensed financial advisor.