We examine the viability of quantum repeaters based on two-species trapped ion modules for longdistance quantum key distribution. Repeater nodes comprised of ion-trap modules of co-trapped ions of distinct species are considered. The species used for communication qubits has excellent optical properties while the other longer lived species serves as a memory qubit in the modules. Each module interacts with the network only via single photons emitted by the communication ions. Coherent Coulomb interaction between ions is utilized to transfer quantum information between the communication and memory ions and to achieve entanglement swapping between two memory ions. We describe simple modular quantum repeater architectures realizable with the ion-trap modules and numerically study the dependence of the quantum key distribution rate on various experimental parameters, including coupling efficiency, gate infidelity, operation time and length of the elementary links. Our analysis suggests crucial improvements necessary in a physical implementation for cotrapped two-species ions to be a competitive platform in long-distance quantum communication. efficiently entangled to photons and a different longer lived species of ions ( 9 Be + or 171 Yb + ) that can be utilized as a quantum memory qubit and for local processing. A high-fidelity transfer of quantum information between the two species of ions can also be achieved [29]. Furthermore, due to transition-frequency difference the optical operations with the communication ions do not disturb the quantum memory ions even though they are only a few microns away. Despite such experimental advances an analysis of quantum key generation rates, among the most promising uses of a quantum network, using TSTI for quantum repeaters is lacking.We describe in this paper a quantum repeater architecture based on modules of two species of trapped ions. We study the viability of using these modules as building blocks for the construction of long-distance quantum repeaters by analyzing quantum key distribution rates. The architecture can potentially work for any pair of communication and memory ions. For the numerical results later in the paper, however, we consider the advances made with the 171 Yb + -138 Ba + pair described in [41] with the following features: excellent isolation between 171 Yb + quantum memory ions and 138 Ba + communication ions was achieved and a state transfer between them was demonstrated; Ba + coherence times of 100 μs in unstabilized magnetic fields and a coherence time of 4 ms with stabilized magnetic fields were measured; same-species two-qubit gates between 171 Yb + ions with 98% fidelity and cross-species two-qubit gates between a 171 Yb + ion and 138 Ba + ion with 75% fidelty in 200 μs were demonstrated; light collection efficiency from the 138 Ba + ion of about 10% and fiber coupling efficiency of 17% in the absence of a cavity were reported. Our analysis suggests crucial improvements in the performance parameters that can maximize key generation rates. We foc...