The beneficiary’s solution, which allows members to name various beneficiaries for their assets, including Bitcoin, was introduced by Xapo Bank, the only fully licensed bank that makes it easy for members to bank with Bitcoin.
Over 20% of all Bitcoins, or about four million, are thought to be permanently unreachable. This loss draws attention to a weakness in practical digital asset inheritance solutions.
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Even though digital wealth is still increasing, inheritance services for cryptocurrency assets are still scarce and expensive, frequently requiring recurring payments for basic storage. Many exchanges make these difficulties worse by asking beneficiaries to complete drawn-out, complicated procedures that can cause months-long delays in access.
This urgent need is met by Xapo Bank’s new solution, which gives members the ability to safely transfer their riches to their loved ones. In only two actions, members can assign all or a portion of their fiat and Bitcoin holdings to beneficiaries.
In addition to this, the solution, which is integrated into the Xapo Bank app, allows for secure legacy planning in less than five minutes and comes with no recurring costs. Currently providing interest rates of 4.1% on USD accounts and 1% on Bitcoin accounts, Xapo Bank offers its members a full, one-stop shop for money security.
These advantages are combined with the safety of a fully licensed and regulated bank at Xapo Bank, which uses Multi-Party Computation (MPC) technology to safeguard members’ assets along with physical security in the form of military bunkers. Xapo Bank, a participant in the Gibraltar Deposit Guarantee Scheme (GDGS), insures USD deposits up to €100,000 ($105,766).
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By GlobalDataSeamus Rocca, CEO of Xapo Bank said: “At Xapo Bank, we’re committed to offering more than just secure Bitcoin storage. We’re enabling our members to build a legacy and secure their wealth, not only for themselves but also for those who matter most to them. With this new feature, our members can rest easy, knowing their financial future is safe.”
This news follows a number of other recent collaborations and regulatory successes for Xapo Bank. In order to give its members additional value and competitive Bitcoin pricing, the bank announced in September that it has partnered with FalconX.
Along with successfully transferring its banking license into the UK, it established a Bitcoin hedge fund worth over $200m with the Hilbert organisation, making it the only legal banking organisation in the country to provide both Bitcoin and interest-bearing currency accounts.
