Xapo Bank has introduced a groundbreaking beneficiary solution, enabling members in the UK and globally to designate multiple beneficiaries for their assets, including Bitcoin. This innovation addresses a critical need in the crypto community, where approximately seven million adults in the UK (13% of the population) own cryptocurrencies but lack secure banking options to ensure the smooth transfer of their assets to the next generation.
The issue of inaccessible digital assets is stark, with an estimated four million Bitcoins, over 20% of the total supply, permanently lost due to the absence of effective inheritance solutions. This gap in legacy planning has left many crypto holders and their families in a precarious situation, often facing complex, costly, and time-consuming processes to access inherited assets.
Xapo Bank’s new beneficiary feature simplifies this process significantly. Members can assign all or part of their Bitcoin and fiat assets to beneficiaries in just two steps, completing the setup in less than five minutes without any ongoing fees. This streamlined approach to legacy planning is integrated into the Xapo Bank app, providing a one-stop solution for securing assets and ensuring their safe passage to loved ones.
Seamus Rocca, CEO of Xapo Bank, emphasized the importance of this feature, particularly as the UK emerges as a key player in the crypto space:
We know how crucial it is for people to be confident that their assets, including Bitcoin, can be securely passed on to loved ones. With this new feature, our members can rest assured, knowing their financial future is safe.
Founded in 2013 on the belief in Bitcoin’s long-term value and potential, Xapo Bank has made significant strides in bridging traditional banking with cryptocurrency. In August, the bank achieved a major milestone by passporting its banking license to the UK, becoming the only licensed banking group to offer a unique account that combines interest-bearing fiat and Bitcoin balances. This month, Xapo Bank is set to launch an out-of-home advertising campaign at London’s iconic Bank Station, further expanding its UK membership base.
The bank combines the benefits of being a fully licensed and regulated institution with top-tier security measures, including military-grade bunkers and advanced Multi-Party Computation (MPC) technology. Additionally, as a member of the Gibraltar Deposit Guarantee Scheme (GDGS), Xapo Bank ensures protection for USD deposits up to €100,000. This comprehensive security framework ensures that members’ assets are safeguarded, providing peace of mind and financial security for both the present and the future.
The bank currently offers competitive interest rates of 4.1% on USD accounts and 1% on Bitcoin accounts, further enhancing its appeal as a secure and rewarding platform for managing digital and traditional assets. With this new beneficiary solution, Xapo Bank is redefining the landscape of crypto inheritance, making it easier and more secure for individuals to plan their financial legacies.
