Xapo Bank has launched a beneficiary solution that allows UK and global members to nominate multiple beneficiaries for their assets, including Bitcoin.
The crypto-focused bank addresses what it sees as a critical user need: around seven million adults in the UK (13%) hold cryptocurrencies, but currently lack secure banking options to guarantee that they can pass this wealth on to the next generation.
Additionally, around four million Bitcoins, or more than 20% of the total supply, would be permanently inaccessible, the bank said, highlighting the lack of effective inheritance solutions for digital assets.
To ensure wealth is passed safely to loved ones
The beneficiary solution allows members to ensure that their assets are passed on securely to their loved ones. Members can assign all or part of their Bitcoin and fiat assets to beneficiaries in just two steps.
This feature allows you to plan your assets securely in less than five minutes, with no recurring fees. Xapo Bank offers a one-stop shop for members looking to secure their wealth, currently offering interest rates of 4.1% on USD accounts and 1% on Bitcoin accounts.
Seamus Rocca, CEO of Xapo Bank, said: “As the UK emerges as a key player in the cryptocurrency space, we are excited to bring our Bitcoin beneficiary solution to members in the country. We know how important it is for people to have confidence that their wealth, including Bitcoin, can be passed securely to their loved ones. With this new feature, our members can rest assured knowing that their financial future is secure. »
As digital wealth continues to grow, inheritance services for cryptoassets remain limited and expensive, often involving recurring fees for simple storage. Many exchanges compound these challenges with complex and lengthy processes for beneficiaries, requiring extensive documentation that can delay access by months.
Founded in 2013 on a belief in the value and long-term potential of Bitcoin, Xapo Bank reached a significant milestone in August by transferring its banking license to the UK, becoming the only licensed banking group to offer a single account combining balances in remunerated fiat and Bitcoin. This month, Xapo Bank is also set to launch an outdoor advertising campaign at London’s iconic Bank Station, further expanding its UK membership base.
Xapo Bank combines the benefits of a fully licensed and regulated bank with best-in-class security measures, incorporating world-class physical defenses, such as military-grade bunkers, and advanced multi-party computing (MPC) technology to protect members’ assets. As a member of the Gibraltar Deposit Guarantee Scheme (GDGS), Xapo Bank also provides protection for USD deposits up to €100,000.
– What are the key features of Xapo Bank’s beneficiary solution for digital assets, and how do they cater specifically to the needs of UK users?
Guest 1: Seamus Rocca, CEO of Xapo Bank
Question 1: As CEO of Xapo Bank, what motivated you to introduce a beneficiary solution for Bitcoin and fiat assets in the UK? How does this solution address the issue of digital asset inheritance?
Question 2: What differentiates Xapo’s beneficiary solution from existing options in the market? How easy is it for UK members to nominate multiple beneficiaries for their assets through this platform?
Question 3: Do you believe that the launch of this beneficiary solution will attract more users to Xapo Bank, especially those who hold a significant amount of cryptocurrencies and are concerned about their inheritance? Can you share any statistics or insights into the uptake so far?
Question 4: Can you explain how Xapo Bank’s multi-party computing (MPC) technology ensures the security of digital assets? How does this compare to other security measures commonly used in the banking industry?
Question 5: In what ways has Xapo Bank’s relocation to the UK impacted its operations and collaboration with local regulators? How do you see the future of cryptocurrency regulation in the UK, and how is Xapo Bank preparing for potential changes?
Guest 2: Jane Doe, Crypto Investor and Industry Analyst
Question 6: As someone who has been involved in the cryptocurrency space for several years, what are your thoughts on the lack of effective inheritance solutions for digital assets? Do you think there is potential for this market to grow in the future?
Question 7: What do you think is the biggest challenge facing the adoption of cryptocurrency as an investment asset class? How can the industry address these challenges to attract more mainstream investors?
Question 8: With the recent volatility in the crypto market, how do you assess the long-term viability of digital assets like Bitcoin? Do you think the market is maturing, and what factors will contribute to its stability?
Question 9: As a UK investor, what are your thoughts on Xapo Bank’s outdoor advertising campaign at London’s Bank Station? Do you think this will increase awareness and adoption of their services?
